Limited Liability Company Operating Agreement Template - Alaska

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Pursuant with the Alaska Revised Limited Liability Company Act
Title 10 Chapter 10.50
LIMITED   L IABILITY   C OMPANY   O PERATING   A GREEMENT  
FOR  
 
 
Name Of LLC
 
AN ALASKA LIMITED LIABILITY COMPANY
 
 
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
 
_________________________________________________________________________________  
 
First
Middle
Last
 
_________________________________________________________________________________  
 
First
Middle
Last
 
________________________________________________________________________________  
 
First
Middle
Last
 
 
(Hereinafter   R eferred   t o   a s   t he   “ Parties”   o r   “ Members”)  
 
All   M embers   i n   t he   a bove-­‐described   L imited   L iability   C ompany   a gree   a s  
follows;  
 
FORMATION   O F   L IMITED   L IABILITY   C OMPANY  
 
I.
FORMATION   O F   L LC.   T he   P arties   h ave   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   t o   t he   f ormation,   t axation   a nd   o peration   o f   a   L LC.   T he  
Members   a gree   t hat   t he   L LC   s hall   b e   t axed   a s   a   p artnership.   T he  
partnership   s hall   b e   i noperative   i f   t here   a re   a ny   p rovisions   o f   t his  
agreement   t hat   m ay   c ause   t he   L LC   n ot   t o   b e   t axed   a s   a   p artnership.  
 
Pursuant with the Alaska Revised Limited Liability Company Act
Title 10 Chapter 10.50
LIMITED   L IABILITY   C OMPANY   O PERATING   A GREEMENT  
FOR  
 
 
Name Of LLC
 
AN ALASKA LIMITED LIABILITY COMPANY
 
 
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
 
_________________________________________________________________________________  
 
First
Middle
Last
 
_________________________________________________________________________________  
 
First
Middle
Last
 
________________________________________________________________________________  
 
First
Middle
Last
 
 
(Hereinafter   R eferred   t o   a s   t he   “ Parties”   o r   “ Members”)  
 
All   M embers   i n   t he   a bove-­‐described   L imited   L iability   C ompany   a gree   a s  
follows;  
 
FORMATION   O F   L IMITED   L IABILITY   C OMPANY  
 
I.
FORMATION   O F   L LC.   T he   P arties   h ave   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   t o   t he   f ormation,   t axation   a nd   o peration   o f   a   L LC.   T he  
Members   a gree   t hat   t he   L LC   s hall   b e   t axed   a s   a   p artnership.   T he  
partnership   s hall   b e   i noperative   i f   t here   a re   a ny   p rovisions   o f   t his  
agreement   t hat   m ay   c ause   t he   L LC   n ot   t o   b e   t axed   a s   a   p artnership.  
 
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   o ne   o f   i ts    
 
Members   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   m embers   a nd   n ecessary   g overnment  
authorities   s hall   b e   n otified.  
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   m embers   a nd  
necessary   g overnment   a uthorities   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 embers   o f   t he   L LC,   t heir   i nitial  
capital   c ontributions,   a nd   t heir   p ercentage   i nterest   i n   t he   L LC   a re   a s  
follows:  
 
Capital  
Percentage  
Members  
Contribution  
Interest   i n   L LC  
(If   a ny)  
 
 
 
 
 
 
 
 
 
 
 
 
 
X.
ADDITIONAL   M EMBERS.   U pon   t he   c onsent   o f   a   m ajority   o f   t he  
Members   a nd   i n   c ompliance   w ith   t he   p rovisions   o f   t his   a greement,  
new   m embers   m ay   b e   a dmitted.  
 
XI.
MANAGEMENT.   The   Members   have   elected   to   manage   the   LLC   as  
follows   ( check   a s   a ppropriate):  
 
 
The   management   of   the   LLC   shall   be   vested   in   the   Members  
without  an  appointed  manager.  The  Members  shall  elect  officers  who  
shall   manage   the   company.   The   President   and   Secretary   may   act   for  
and   on   behalf   of   the   LLC   and   shall   have   the   power   and   authority   to  
bind  the  LLC  in  all  transactions  and  business  dealings  of  any  kind  as  
otherwise   p rovided   i n   t his   A greement.  
 
The   Members   hereby   delegate   the   management   of   the   LLC   to  
Managers(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(s)   i s/are:  
 
________________________________________________________________________________  
 
First
Middle
Last
 
________________________________________________________________________________  
 
First
Middle
Last
 
________________________________________________________________________________  
 
First
Middle
Last
 
________________________________________________________________________________  
 
First
Middle
Last
 
A   Manager   shall   hold   their   position   until   the   Members   elect   a  
successor.  
 
The   M embers   s hall   e lect   a nd   m ay   r emove   t he   M anager(s)   b y   m ajority  
vote.  
 
The  authority  shall  be  held  by  the  Members  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  
majority   o f   t he   M embers   o f   t he   L LC.  
 
XII.  
OFFICERS   AND   RELATING   PROVISIONS.   If   the   Members   decide   to  
manage   t he   L LC,   r ather   t han   a ppointing   a   M anager,   t he   M embers   s hall  
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   b y   t he   M embers.   A   M ember   m ay   h old   m ore   t han  
one  or  all  offices.  The  officers  shall  supervise  the  operation  
of   the   LLC   under   the   direction   and   management   of   the  
Members,   a s   f urther   d escribed   b elow.  
(b)
TERM   OF   OFFICE/ELECTION.   The   Members   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  Members.    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  Members  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   a  
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   of   the  
Members.   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  of  the  Members  when  the  President  is  absent.  The  
treasurer   must   receive   and   give   receipts   for   moneys   due  
and   p ayable   t o   t he   L LC   f rom   a ny   m oney   s ource   w hatsoever,  
and  deposit  all  such  moneys  in  the  name  of  the  LLC  in  any  
such   money   institution,   which   shall   be   selected   by   the  
Members   o f   t he   L LC.     T he   T reasurer   s hall   p erform   a ll   o ther  
duties   t hat   m ay   b e   a ssigned   t o   t he   o ffice   o f   t reasurer   b y   t he  
President   o r   b y   t he   M embers   o f   t he   L LC.    
(f)
SECRETARY.   The   Secretary   shall   keep   a   time   log   of   the  
Members   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   M embers,   M ember’s   r esolutions,   a nd   o ther   d ocuments   t o  
the  LLC  as  true  and  correct.  The  Secretary  shall  preside  at  
the   meetings   of   the   Members   in   the   absence   of   the  
President   and   Treasurer   and   also   perform   all   other   duties  
that   may   be   assigned   to   the   office   of   secretary   by   the  
President   o r   b y   t he   M embers   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   Members   for   the   unexpired   portion   of   the  
term.  
 
XIII.   MEMBER   ONLY   POWERS.   Notwithstanding   any   other   provision   of  
this   Agreement,   only   a   majority   of   the   Members   may:   (a)   sell   or  
encumber   (but   not   lease)   any   real   estate   owned   by   the   LLC,   or   (b)  

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