Initial Capital Contributions (adding funds to your LLC)

Once your LLC is established, it’s essential to set up an LLC bank account and deposit funds into it.

Each LLC Member contributes an initial capital amount, which simply means placing money into the LLC’s bank account. This initial contribution is documented in the LLC’s Operating Agreement.

Pro tip: If you draft your Operating Agreement before setting up an LLC bank account, just note the amount the Members intend to deposit. Should the deposit amount change, you can update your Operating Agreement with the actual figures later.

Statement about taxes

You must specify how your LLC will be taxed within your Operating Agreement. There are four typical tax structures for an LLC:

• LLC taxed as a Sole Proprietorship
• LLC taxed as a Partnership
• LLC taxed as an S-Corporation
• LLC taxed as a C-Corporation

Note: In certain cases, husband and wife LLCs may qualify for taxation as a Qualified Joint Venture. However, this is only possible if the LLC is formed in a community property state. Since Alaska is not one of these states, an Alaska LLC cannot be taxed as a Qualified Joint Venture.

Voting Rights of LLC Members

The voting rules for members will be detailed in your Alaska LLC’s Operating Agreement.

For a Member-managed Operating Agreement, voting power is based on the LLC Membership Interest. In a Manager-managed Operating Agreement, voting power is similarly based on the Membership Interest.

Members vote to elect a Manager or Managers, who then have the authority to make specific decisions for the LLC independently.

However, certain actions, such as adding or removing an LLC Member, necessitate member approval, typically through a member vote, with no input from the Manager.