Llc Operating Agreement Template Word
Llc Operating Agreement Template Word – A multi-member LLC operating agreement is a binding document between company members that includes terms related to ownership, management, and operations. An agreement should be created when forming a company as an understanding of how the organization will operate.
In the best interests of each member, the following terms and conditions shall be stated in the operating agreement:
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LLC ownership is expressed as a percentage (%) because there are no shares in the company. The ownership interests of each member should be specified and, if there are different classes of ownership, those limited powers should be detailed.
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A registered agent is the person who will receive official notices on behalf of the company. It is recommended that the registered agent be a legal advisor to the company, not a member.
The registered agent must be the same person named in the current contract with the Secretary of State’s office.
A capital contribution is a recognized transfer of assets or funds to an LLC. This may be in return for ownership, but need not be specified in the contract.
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Capital contributions made by members to the LLC are non-refundable. If a member wants to borrow money from the LLC, he must write a separate loan agreement.
Whatever type is chosen, members must include the conditions under which decisions are made. More common is a simple majority ownership interest of 51%.
The annual meeting must be specified in the operating agreement and must be held with 30 days notice to all members. Although this encounter may never happen in real life, it is recommended to note.
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A right of first refusal allows members of a company to purchase property owned by a member who has entered into a contract of sale. Other members will usually have 30 days to agree to the same terms in the purchase agreement.
If a member dies, it is recommended that there be language that allows members to purchase their property at a predetermined valuation. A company is best suited for its members to be active participants in the day-to-day operations of the business, and the “point of death” helps alleviate these issues.
Liquidation is the liquidation of a company’s assets and the cessation of its business activities. In most cases, the company’s assets will be sold at fair market value to service any debt and any excess cash distributed to members.
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A non-compete is recommended to ensure that no member can start a similar business. Even if the LLC is dissolved, the non-compete usually lasts for a period of time after the company ceases to exist.
By using the website, you consent to our use of cookies to analyze website traffic and improve your experience on our website. An LLC operating agreement is a legal document that summarizes the functions, structure, and rules of a limited liability company. It acts as a company blueprint that gives its members clear direction on several key topics in the near and long term.
By reading a business’s operating agreement, one learns who the members are (and their ownership interests), how the business will finance itself, its future plans, how profits and losses will be managed, each member’s voting rights and plans. for emergencies and other unexpected events.
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Regardless of state requirements, it is highly recommended to create an operating agreement at the outset of an LLC because of the organizational and structural advantages it provides.
Simple Version – A versatile form that can be used on its own or as a starting point for those writing their own contracts. Works for both single-member and multi-member LLCs.
The LLC Operating Agreement sets out the basic guidelines and operating procedures of the newly formed company. It allows the founder(s) of the business to outline short-term and long-term plans for the organization. A simple game plan makes the inevitable obstacles startups face much easier. It’s important to know that the agreement isn’t set in stone, but can (and should) change to fit the company’s vision and goals as it grows.
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3. Registered agent. A registered agent maintains the rights and responsibilities established by state law.
4. GOALS. The purpose of the company is to engage in and carry out all lawful business activities permitted during the formation phase.
5. TERM. The membership period begins upon registration and continues indefinitely until terminated by the Member(s).
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6. MEMBER’S CAPITAL INVESTMENT. Member(s) may at any time invest their own assets for the benefit of the Company. All capital contributions must be recorded in a schedule attached to and signed by all Member(s).
7. DISTRIBUTION. After meeting the Company’s financial obligations, the Company distributes funds and other assets to the Member(s) in the manner determined by the Member(s).
8. BOOKS AND RECORDS. The Company shall keep complete and accurate books and records of the business and affairs of the Company as required by the State of incorporation.
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9. MANAGEMENT. The day-to-day management of the Company will be determined by the Member(s). Member(s) may select a manager to oversee day-to-day operations.
10. ANNUAL MEETING. Member(s) agree to meet annually. The date, time and place of the meeting will be notified to the Member(s) within thirty (30) days after the meeting.
11. NOTICE. All notices, demands, requests or other communications relating to this Agreement must be in writing and sent by certified mail.
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12. ARBITRATION. All claims and disputes arising under this Agreement shall be settled by binding arbitration in the Contracting State or in such other place as may be agreed upon by all Members.
13. CHANGES. This Agreement may not be amended, modified or modified in any respect unless a majority of the member(s) agree. Any changes must be made in writing and signed by all Members.
14. INDEMNIFICATION. Member(s) shall not be liable, responsible or liable for damages or otherwise to the Company or any other person acting on behalf of the Company.
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Each state has its own requirements for naming an LLC. However, the majority have the following two (2) conditions.
Certain names, such as those ending in “bank,” “trust,” “credit union,” “insurance,” etc., often require additional fees, documentation, or special approval. Members should use their Secretary of State’s Organizations Database to cross-reference potential LLC name options.
A registered agent is a person responsible for receiving important documents about the organization. If someone sues the LLC, the registered agent will be the person served. They are also dated recipients of official government documents and other important communications. The registered agent must be a resident of the state in which the business is conducted.
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To make an LLC official, it must be filed with the Secretary of State. Be aware that your state may refer to the Statute by a different name. This can often be done online (click on one of the states above to learn how to write). Information required by most states includes the following:
An EIN (Employer Identification Number) is issued by the IRS to business entities for tax administration purposes. A company may have only one (1) EIN. It’s not a requirement for all businesses, but it is a requirement if an LLC opens a business bank account, hires employees, and files certain tax returns. A complete list can be found by visiting the IRS article Do You Need an EIN?
The Annual Report is also known as the “Periodic Report”, “Annual Report” and “Information Report”, among other titles.
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The state in which the LLC is incorporated will require the LLC to file an annual report on an annual basis (most common), although sometimes it may be annually or every decade, among other periods. The report ensures that the LLC complies with state law and provides the state with up-to-date information about the company, including its members, registered agent, address, etc. If the annual report is not submitted on time, the state may charge a fee. If a lot of time passes, the company will be liquidated by the state. Many states allow the annual return to be filed online. A fee may be required with the report, and some states charge up to $500.
While an operating agreement does not require a specific arrangement to be legally binding, there is a generally accepted format for structuring the agreement, as outlined below. Additional sections may be added at the end or in the middle of sections if deemed necessary by company members.
This sets out the basic details of the company as well as how it came to be. The date of incorporation is required as well as the state in which it was incorporated. In addition, the registered agent’s name and location must also be included.
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If the entity is an LLC with multiple members, the members and responsibilities section will include the full name and personal address of each member. Although optional, each member’s responsibilities can be defined to ensure everyone
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