|
Summary
of Provisions
The LLC
Expert Model LLC Operating Agreement
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
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
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
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
ARTICLE 5: Allocation and Distributions
5.1 Incorporate of Treasury Regulations
5.2 Distributions
ARTICLE 6: Membership Unit Provisions
6.1 Transferability of Membership Interests
6.2 Events Triggering Disassociation
6.3 Charging Order Limitations
ARTICLE 7: Dissolution
7.1 Term
7.2 Dissolution
7.3 Liquidation
7.4 No Recourse Against Members
ARTICLE 8: Accounting and Record Matters
8.1 Fiscal Year
8.2 Books of Account
8.3 Tax Matters
ARTICLE 9: Indemnification
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
ARTICLE 11: Miscellaneous Provisions
_____________________________________________________________________________
Model LLC
Operating Agreement Forms for all 50 States
Click Here to Order!
Customized LLC Operating
Agreement Preparation Service- Let us take care of the drafting details!
Forming an LLC
LLC Operating Agreement
LLC Information at LLC Learning Center
Back to the
Limited Liability Company Home Page |
