"LLC Agreement Form" - Delaware

ADVERTISEMENT
ADVERTISEMENT

Download "LLC Agreement Form" - Delaware

226 times
Rate (4.7 / 5) 14 votes
[Single Purpose Entity]
LIMITED LIABILITY COMPANY AGREEMENT
OF
XXX LLC
A Delaware Limited Liability Company
Dated as of
1
[Single Purpose Entity]
LIMITED LIABILITY COMPANY AGREEMENT
OF
XXX LLC
A Delaware Limited Liability Company
Dated as of
1
TABLE OF CONTENTS
ARTICLE I. DEFINITIONS ...........................................................................................................1
1.01
Definitions........................................................................................................................1
1.02
Construction.....................................................................................................................2
ARTICLE II. ORGANIZATION.....................................................................................................2
2.01
Formation.........................................................................................................................2
2.02
Name. ...............................................................................................................................3
2.03
Registered Office; Registered Agent; Principal Office; Other Offices. ..........................3
2.04
Purpose.............................................................................................................................3
2.05
Foreign Qualification. ......................................................................................................3
2.06
Term.................................................................................................................................4
2.07
SPE Requirements. .....................................................................................................
3
ARTICLE III. MEMBERSHIP.........................................................................................................8
3.01
Member. ...........................................................................................................................8
3.02
Information. .....................................................................................................................8
3.03
Liability to Third Parties. .................................................................................................9
ARTICLE IV. CAPITAL CONTRIBUTIONS ...............................................................................9
4.01
Initial Contributions. ........................................................................................................9
4.02
Subsequent Contributions. ...............................................................................................9
4.03
Return of Contributions....................................................................................................9
4.04
Advances by Member. .....................................................................................................9
4.05
Capital Accounts..............................................................................................................9
ARTICLE V. ALLOCATION OF PROFITS AND LOSSES; DISTRIBUTIONS ........................9
5.01
Allocation of Net Profits and Net Losses. ........................................................................9
5.02
Distributions...................................................................................................................10
ARTICLE VI. MEETINGS ...........................................................................................................10
6.01
Management by Member and Manager .........................................................................10
6.02
Action bv Written Consent.............................................................................................11
6.03
Compensation.................................................................................................................11
6.04
Conflicts of Interest........................................................................................................11
6.05
Meetings of Member......................................................................................................11
6.06
Removal or Substitution of Manager. ............................................................................11
6.07
Indemnity of Manager....................................................................................................12
ARTICLE VII. BOOKS, RECORDS, REPORTS, AND BANK ACCOUNTS ...........................12
7.01
Maintenance of Books. ..................................................................................................12
7.02
Accounts. .......................................................................................................................12
7.03
Tax Returns....................................................................................................................12
ARTICLE VIII. DISSOLUTION, LIQUIDATION, AND TERMINATION...............................12
8.01
Dissolution. ....................................................................................................................12
i
8.02
Winding Up....................................................................................................................13
8.03
Certificate of Cancellation. ............................................................................................13
ARTICLE IX. GENERAL PROVISIONS ....................................................................................14
9.01
Offset..............................................................................................................................14
9.02
Notices. ..........................................................................................................................14
9.03
Entire Agreement. ..........................................................................................................14
9.04
Effect of Waiver or Consent. ..........................................................................................14
9.05
Amendment or Modification. .........................................................................................14
9.06
Binding Effect; No Third Party Beneficiaries. ...............................................................14
9.07
Governing Law; Severability..........................................................................................15
9.08
Counterparts....................................................................................................................15
ii
ARTICLE I.
DEFINITIONS
1.01
Definitions.
As used in this Agreement, the following terms have the following meanings:
"Act" means the Delaware Limited Liability Company Act and any successor statute, as
amended from time to time.
"Agreement" means this Limited Liability Company Agreement of the Company.
“Bankruptcy” means, with respect to any Person, if such Person (i) makes an
assignment for the benefit of creditors, (ii) files a voluntary petition in bankruptcy, (iii) is
adjudged a bankrupt or insolvent, or has entered against it an order for relief, in any bankruptcy
or insolvency proceedings, (iv) files a petition or answer seeking for itself any reorganization,
arrangement, composition, readjustment, liquidation or similar relief under any statute, law or
regulation, (v) files an answer or other pleading admitting or failing to contest the material
allegations of a petition filed against it in any proceeding of this nature, (vi) seeks, consents to or
acquiesces in the appointment of a trustee, receiver or liquidator of the Person or of all or any
substantial part of its properties, or (vii) if 120 days after the commencement of any proceeding
against the Person seeking reorganization, arrangement, composition, readjustment, liquidation
or similar relief under any statute, law or regulation, if the proceeding has not been dismissed, or
if within 90 days after the appointment without such Person's consent or acquiescence of a
trustee, receiver or liquidator of such Person or of all or any substantial part of its properties, the
appointment is not vacated or stayed, or within 90 days after the expiration of any such stay, the
appointment is not vacated. The foregoing definition of "Bankruptcy" is intended to replace and
shall supersede and replace the definition of "Bankruptcy" set forth in Sections 18 101(1) and 18
304 of the Act.
"Capital Account" means the capital account of the Member in the Company.
"Capital Contribution" means any contribution by a Member to the capital of the
Company.
"Certificate" has the meaning given that term in Section 2.01.
"Company" means XXX LLC, a Delaware limited liability company.
"Loan" has the meaning given that term in Section 2.07(a).
"Loan Documents" shall mean, collectively, all documents evidencing and securing the
Loan.
"Manager" means initially ____________________ and any other Manager named by
the Member pursuant to this Agreement.
"Member" means ____________________, as the initial member of the Company.
"Membership Interest" means the limited liability company interest of the Member in
the Company, including, without limitation, any rights to distributions (liquidating or otherwise),
allocations, information, accounts and inspections and to consent or approve.
"Net Losses" shall mean, for each fiscal year, the losses and deductions of the Company.
"Net Profits" shall mean, for each fiscal year, the income and gains of the Company.
"Person" has the meaning given that term in section 18-101(12) of the Act.
"Property"
shall
mean
the
real
property
located
at
_____________________________________________
"Purchase and Sale Agreement" means that certain Agreement of Purchase and Sale of
Real Property and Escrow Instructions dated as of __________________, by and between
__________________, a __________________, as seller, and __________________, a
__________________, or its assigns, as buyer, the buyer's rights under which with respect to the
Property have been assigned to the Company, as amended from time to time.
"Special Member" means a member of the Company that becomes a member in
accordance with Section 2.07(g) and shall only have the rights and duties expressly set forth in
this Agreement.
Other terms defined herein have the meanings so given them.
1.02
Construction.
Whenever the context requires, the gender of all words used in this Agreement includes the
masculine, feminine, and neuter. All references to Articles and Sections refer to articles and
sections of this Agreement.
A RTICLE II.
ORGANIZATION
2.01
Formation.
The Company has been formed as a Delaware limited liability company by the filing of
the certificate of formation (the "Certificate") under and pursuant to the Act. David Lautenberger
("Authorized Person") is hereby designated as an "authorized person" within the meaning of the
Act and has executed, delivered and filed the Certificate of the Company with the Secretary of
State of the State of Delaware. The Authorized Person is also authorized to file such documents as
are required to qualify the Company to do business in the State of Florida and to obtain a federal
tax identification number. After the foregoing have been completed by the Authorized Person or
by another person so authorized by the Member, the Authorized Person's powers as an "authorized
person" will cease, and the Member thereupon will became the designated "authorized person" and
shall continue as the designated "authorized person" within the meaning of the Act. The Member
shall execute, deliver and file any other certificates (and any amendments and/or restatements
thereof) necessary for the Company to qualify to do business in any other jurisdiction in which the
Company may wish to conduct business.
2