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Summary of Provisions
The LLC Expert Model LLC Operating Agreement
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| ARTICLE I: Organization |
| 1.1 Formation |
| 1.2 Name |
| 1.3 Principal Office |
| 1.4 Registered Office and Registered Agent |
| 1.5 Purposes |
| 1.6 Powers |
| 1.7 Term |
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| ARTICLE 2: Members |
| 2.1 Membership Units |
| 2.2 Member Authority and Limitations |
| 2.3 Voting Rights |
| 2.4 Member Meetings |
| 2.5 Action by Written Consent |
| 2.6 Limitation on Liability |
| 2.7 Admission of Additional Members |
| 2.8 Additional Capital |
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| ARTICLE 3: Management |
| NOTE: The following summarizes the Member Managed Form. Manager Managed form has manager specific provisions in this Article |
| 3.1 Member Management |
| 3.2 Member Powers |
| 3.3 Officers |
| 3.4 Bank Accounts |
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| ARTICLE 4: Capital Contributions and Capital Accounts |
| 4.1 Capital Contributions |
| 4.2 Additional Capital Contributions and Membership Units Issued |
| 4.3 Interest on and Return of Capital Contributions |
| 4.4 Withdrawal |
| 4.5 Capital Accounts |
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| ARTICLE 5: Allocation and Distributions |
| 5.1 Incorporate of Treasury Regulations |
| 5.2 Distributions |
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| ARTICLE 6: Membership Unit Provisions |
| 6.1 Transferability of Membership Interests |
| 6.2 Events Triggering Disassociation |
| 6.3 Charging Order Limitations |
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| ARTICLE 7: Dissolution |
| 7.1 Term |
| 7.2 Dissolution |
| 7.3 Liquidation |
| 7.4 No Recourse Against Members |
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| ARTICLE 8: Accounting and Record Matters |
| 8.1 Fiscal Year |
| 8.2 Books of Account |
| 8.3 Tax Matters |
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| ARTICLE 9: Indemnification |
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| ARTICLE 10: Member Duties |
| 10.1 Duty of Loyalty |
| 10.2 Duty Not to Compete Against Company |
| 10.3 Competition with Consent of Members |
| 10.4 Duty in Doing Business with Company |
| 10.5 Duty of Confidentiality |
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| ARTICLE 11: Miscellaneous Provisions |
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