"Limited Liability Company Operating Agreement Template"

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LIMITED   L IABILITY   C OMPANY   O PERATING   A GREEMENT  
FOR  
 
 
Name Of LLC
 
A   _ ________________________,   L IMITED   L IABILITY   C OMPANY  
 
State
 
THIS   O PERATING   A GREEMENT   ( “Agreement”)   i s   e ntered   i nto   t his   _ _____   d ay   o f    
 
_________________________,   2 0____,   b y   a nd   b etween   t he   f ollowing   p erson(s):  
 
 
_________________________________________________________________________________  
 
First
Middle
Last
 
 
(Hereinafter   R eferred   t o   a s   t he   “ Party”   o r   “ Member”)  
 
The   M ember   i n   t he   a bove-­‐described   L imited   L iability   C ompany   a grees   a s  
follows:  
 
FORMATION   O F   L IMITED   L IABILITY   C OMPANY  
 
I.
FORMATION   O F   L LC.   T he   M ember   h aving   f ormed   a   L imited   L iability  
Company   n amed   _ ____________________________________________________________    
 
Name Of LLC
 
(Hereinafter   r eferred   t o   a s   t he   “ LLC”)   i n   t he   S tate   o f   _ ___________________.  
 
State
The   L LC   s hall   b e   o perated   b y   t he   t erms   o f   t his   A greement   a nd   t he  
applicable   l aws   o f   t he   S tate   o f   _ _______________________________________    
 
State
relating   to   the   formation,   taxation   and   operation   of   a   LLC.   The  
Member   agrees   that   the   LLC   shall   be   taxed   as   a   sole   proprietorship.  
The   sole   proprietorship   shall   be   inoperative   if   there   are   any  
provisions   o f   t his   a greement   t hat   m ay   c ause   t he   L LC   n ot   t o   b e   t axed   a s  
a   s ole   p roprietorship.  
 
II.
BUSINESS.   T he   p rimary   b usiness   o f   t he   L LC   s hall   b e:  
 
 
 
Primary Business of LLC
 
LIMITED   L IABILITY   C OMPANY   O PERATING   A GREEMENT  
FOR  
 
 
Name Of LLC
 
A   _ ________________________,   L IMITED   L IABILITY   C OMPANY  
 
State
 
THIS   O PERATING   A GREEMENT   ( “Agreement”)   i s   e ntered   i nto   t his   _ _____   d ay   o f    
 
_________________________,   2 0____,   b y   a nd   b etween   t he   f ollowing   p erson(s):  
 
 
_________________________________________________________________________________  
 
First
Middle
Last
 
 
(Hereinafter   R eferred   t o   a s   t he   “ Party”   o r   “ Member”)  
 
The   M ember   i n   t he   a bove-­‐described   L imited   L iability   C ompany   a grees   a s  
follows:  
 
FORMATION   O F   L IMITED   L IABILITY   C OMPANY  
 
I.
FORMATION   O F   L LC.   T he   M ember   h aving   f ormed   a   L imited   L iability  
Company   n amed   _ ____________________________________________________________    
 
Name Of LLC
 
(Hereinafter   r eferred   t o   a s   t he   “ LLC”)   i n   t he   S tate   o f   _ ___________________.  
 
State
The   L LC   s hall   b e   o perated   b y   t he   t erms   o f   t his   A greement   a nd   t he  
applicable   l aws   o f   t he   S tate   o f   _ _______________________________________    
 
State
relating   to   the   formation,   taxation   and   operation   of   a   LLC.   The  
Member   agrees   that   the   LLC   shall   be   taxed   as   a   sole   proprietorship.  
The   sole   proprietorship   shall   be   inoperative   if   there   are   any  
provisions   o f   t his   a greement   t hat   m ay   c ause   t he   L LC   n ot   t o   b e   t axed   a s  
a   s ole   p roprietorship.  
 
II.
BUSINESS.   T he   p rimary   b usiness   o f   t he   L LC   s hall   b e:  
 
 
 
Primary Business of LLC
 
The   L LC   s hall   b e   l egally   a llowed   t o   c onduct   o r   p romote   a ny   l awful  
business   o r   p urpose   w ithin   t he   S tate   o f   _ __________________________________  
 
State
or   a ny   o ther   j urisdiction   w here   t he   L LC   m ay   b e   c onducting   b usiness  
activities.  
 
III.
ARITCLES   O F   O RGANIZATION.   T he   L LC   a cting   t hrough   i ts    
 
Member   n amed   _ ___________________________________________________________,    
 
First
Middle
Last
 
filed   A rticles   o f   O rganization,   ( “Articles”)   i n   t he   r ecords   o f   t he      
 
___________________________________   S ecretary   o f   S tate   o n   _ ____________________  
 
State
Date
and   t hus,   c reating   t he   L LC.  
 
IV.
PLACE   O F   B USINESS.   T he   o fficial   p lace   o f   b usiness   o f   t he   L LC   s hall   b e    
 
 
Street Address
City   o f   _ __________________________________   S tate   o f   _ ___________________________  
 
City
State
Zip   C ode   _ __________________________________.  
Zip Code
 
V.
REGISTERED   O FFICE.   T he   o fficial   r egistered   o ffice   o f   t he   L LC   s hall   b e    
 
 
Street Address
City   o f   _ __________________________________   S tate   o f   _ ___________________________  
 
City
State
Zip   C ode   _ __________________________________.   I f   a t   a nytime   t he   r egistered    
 
Zip Code
office   s hould   c hange,   a ll   n ecessary   g overnment   a uthorities   s hall   b e  
notified.  
VI.
REGISTERED   A GENT.   T he   o fficial   r egistered   a gent   o f   t he   L LC   s hall   b e    
 
 
First
Middle
Last
If   a t   a nytime   t he   r egistered   a gent   s hould   c hange,   a ll   g overnment  
authorities   s hall   b e   n otified.  
 
VII.
FISCAL   Y EAR.   T he   L LC’s   f iscal   a nd   t ax   y ear   s hall   e nd   _ __________________.  
 
Date
VIII.
DURATION.     The   L LC   w ill   c ommence   b usiness   a s   o f   t he   d ate   o f   f iling  
and   w ill   c ontinue   i n   p erpetuity.  
 
IX.
INITIAL   M EMBERS.  The   i nitial   M ember   o f   t he   L LC,   t heir   i nitial   c apital  
contributions,   a nd   t heir   p ercentage   i nterest   i n   t he   L LC   a re   a s   f ollows:  
 
Capital  
Percentage  
Members  
Contribution  
Interest   i n   L LC  
(If   a ny)  
 
 
 
 
X.
ADDITIONAL   M EMBERS.   U pon   t he   c onsent   o f   t he   s ole   M ember   a nd  
in   c ompliance   w ith   t he   p rovisions   o f   t his   a greement,   n ew   m embers  
may   b e   a dmitted.  
 
XI.
MANAGEMENT.   The   Member   has   elected   to   manage   the   LLC   as  
follows   ( check   a s   a ppropriate):  
 
 
The   m anagement   o f   t he   L LC   s hall   b e   v ested   i n   t he   M ember   w ithout  
an   a ppointed   m anager.   T he   M ember   s hall   e lect   a n   o fficer(s)   w ho   s hall  
manage   t he   c ompany.   T he   P resident   a nd   S ecretary   m ay   a ct   f or   a nd   o n  
behalf  of  the  LLC  and  shall  have  the  power  and  authority  to  bind  the  
LLC   i n   a ll   t ransactions   a nd   b usiness   d ealings   o f   a ny   k ind   a s   o therwise  
provided   i n   t his   A greement.  
 
The   M ember   s hall   h ereby   d elegate   t he   m anagement   o f   t he   L LC  
to   M anager(s),   s ubject   t o   t he   l imitations   s et   o ut   i n   t his   a greement.  
 
 
There   s hall   b e   _ _________   i nitial   M anagers.  
 
# of Managers
 
The   i nitial   M anager   i s:  
 
________________________________________________________________________________  
 
First
Middle
Last
 
________________________________________________________________________________  
 
First
Middle
Last
 
________________________________________________________________________________  
 
First
Middle
Last
 
A   Manager   shall   hold   their   position   until   the   Member   elects   a  
successor.  
 
The  Member  shall  elect  and  may  remove  the  Manager(s)  by  majority  
vote.  
 
The   authority   shall   be   held   by   the   Member   to   take   all   necessary   and  
proper   a ctions   i n   o rder   t o   c onduct   t he   b usiness   o f   t he   L LC.  
 
Any   Manager   can   take   any   appropriate   action   on   behalf   of   the   LLC,  
including,   but   not   limited   to   signing   checks,   executing   leases,   and  
signing   l oan   d ocuments   e xcept   f or   d ecisions   c oncerning   d istributions.  
 
With   or   without   the   notice   of   a   meeting,   the   action   of   the   Manager  
shall  be  based  on  a  majority  vote  of  the  Managers  when  determining  
the   t iming   a nd   t otal   a mount   o f   d istribution   t o   t he   M embers.  
 
The  compensation  to  the  Manager(s)  shall  be  in  the  discretion  of  the  
Member   o f   t he   L LC.  
 
XII.  
OFFICERS   AND   RELATING   PROVISIONS.   If   the   Member   decides   to  
manage  the  LLC,  rather  than  appointing  a  Manager,  the  Member  shall  
appoint   o fficers   f or   t he   L LC   a nd   t he   f ollowing   p rovisions   s hall   a pply:  
 
(a)
OFFICERS.   T he   o fficers   o f   t he   L LC   s hall   c onsist   o f   a   p resident,   a  
treasurer   a nd   a   s ecretary,   o r   o thers   t hat   m ay   b e   e lected   a nd  
appointed  by  the  Member.  A  Member  may  hold  more  than  
one  or  all  offices.  The  officers  shall  supervise  the  operation  
of   the   LLC   under   the   direction   and   management   of   the  
Member,   a s   f urther   d escribed   b elow.  
(b)
TERM   OF   OFFICE/ELECTION.   The   Member   shall   elect   the  
officers   of   the   LLC   annually   by   a   majority   vote.   Vacancies  
may   be   filled   or   new   offices   created   and   filled   at   any  
meeting   of   the   Member.     All   officers   shall   hold   their   office  
positions   unless   until   their   death,   removal   of   office,   or  
resignation.  Election  or  appointment  of  an  officer  or  agent  
shall   n ot   o f   i tself   c reate   a   c ontract   r ight.  
(c)
REMOVAL.   The   Member   may   decide   to   remove   any   officer   or  
agent   b y   a   m ajority   v ote   w henever   t hey   d ecide   t hat   t he   b est  
interest   of   the   company   would   be   served   thereby.   If   an  
officer  or  agent  is  removed,  it  shall  be  without  prejudice  to  
the   c ontract   r ights.  
(d)
PRESIDENT.   The   President   shall   be   the   chief   executive   officer  
of   the   LLC   and   shall   be   present   at   all   meetings   with   the  
Member.   The   president   shall   have   all   powers   to   perform  
such   d uties   t hat   a re   o utlined   i n   t his   A greement.  
(e)
THE   TREASURER.   The   Treasurer   shall   be   the   chief   financial  
officer   o f   t he   L LC.   T he   T reasurer   i s   r esponsible   f or   a ll   f unds  
and   s ecurities   o f   t he   L LC.   T he   T reasurer   s hall   p reside   a t   t he  
meeting   with   the   Member   when   the   President   is   absent.  
The   Treasurer   must   receive   and   give   receipts   for   moneys  
due   and   payable   to   the   LLC   from   any   money   source  
whatsoever,   a nd   d eposit   a ll   s uch   m oneys   i n   t he   n ame   o f   t he  
LLC  in  any  such  money  institution,  which  shall  be  selected  
by  the  Member  of  the  LLC.    The  Treasurer  shall  perform  all  
other  duties  that  may  be  assigned  to  the  office  of  treasurer  
by   t he   P resident   o r   b y   t he   M ember   o f   t he   L LC.    
(f)
SECRETARY.   The   Secretary   shall   keep   a   time   log   of   the  
Member’s  meetings  in  a  file  provided  for  that  purpose  and  
also   see   that   all   notices   are   duly   given   in   accordance   with  
the   p rovisions   o f   t his   A greement   o r   a s   r equired   b y   l aw.   T he  
Secretary  shall  have  custody  of  the  LLC  records,  addresses  
of  Member,  Member’s  resolutions,  and  other  documents  to  
the  LLC  as  true  and  correct.  The  Secretary  shall  preside  at  
the   m eetings   o f   t he   M ember   i n   t he   a bsence   o f   t he   P resident  
and   Treasurer   and   also   perform   all   other   duties   that   may  
be   a ssigned   t o   t he   o ffice   o f   s ecretary   b y   t he   P resident   o r   b y  
the   M ember   o f   t he   L LC.  
(g)
VACANCIES.   A   vacancy   is   any   office   because   of   death,  
resignation,   r emoval,   a nd   d isqualification   o r   o therwise   m ay  
be   filled   by   the   Member   for   the   unexpired   portion   of   the  
term.  
 
XIII.   MEMBER   ONLY   POWERS.   Notwithstanding   any   other   provision   of  
this   A greement,   t he   M ember   m ay:   ( a)   s ell   o r   e ncumber   a ny   r eal   e state  
owned   by   the   LLC,   or   (b)   incur   debt,   expend   funds,   or   otherwise  
obligate   the   LLC   if   the   debt,   expenditure,   or   other   obligation   the  
Member   w ishes.  
 
XIV.  
INTEREST   OF   MEMBER.  The  Member  shall  own  a  full  One  Hundred  
Percentage  (100%)  interest  in  the  LLC.  The  percentage  interest  shall  
control   the   Member’s   share   of   the   profit,   losses,   and   distributions   of  
the   L LC.  
 
XV.  
CONTRIBUTIONS.   The   initial   contribution   and   initial   percentage  
interest   o f   t he   M ember   a re   a s   s et   o ut   i n   t his   A greement.  
 
XVI.  
ADDITIONAL   CONTRIBUTIONS.   In   the   case   the   Member   is   called  
upon   b y   t he   L LC   t o   m ake   a dditional   c ash   c ontributions,   t he   a dditional  
cash   c ontribution   s hall   b e   b ased   o n   t he   s ole   M ember.  
 
XVII.   PERCENTAGE   INTEREST/RECORD   OF   CONTRIBUTIONS.   This  
Agreement,  any  amendment(s)  to  this  Agreement,  and  all  Resolutions  
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