LLC Operating Agreement
LLC Operating Agreement
This Llc Operating Agreement ("Agreement") is entered into on August 5, 2060, by and among the following individuals who hereby form an LLC under the laws of the state of California:
I. Formation of the LLC
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The undersigned members hereby establish a Limited Liability Company (LLC) under the laws of the State of California by filing Articles of Organization with the Secretary of State.
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The name of the LLC shall be [YOUR COMPANY NAME].
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The principal place of business of the LLC shall be [YOUR COMPANY ADDRESS].
II. Purpose of the LLC
The objective or purpose for which the Limited Liability Company (LLC) is established, is to be engaged or involved in any business activities that are within the bounds of the law, and for which an LLC can legally be organized under the jurisdiction and the legislative rules and regulations of the State of California.
III. Term of the LLC
Upon the date that the Articles of Organization are effectively filed, the Limited Liability Company (LLC) shall officially commence its operations. After this initial establishment, the LLC is expected to continue its operations indefinitely into perpetuity. However, there are circumstances under which the LLC may be dissolved prematurely. Originally, such dissolutions shall typically adhere to the provisions explicitly stated within the context of this Agreement. In addition, dissolutions may also occur if legally mandated or necessitated by existing law.
IV. Capital Contributions
Every single member is obligated to make a capital contribution to the Limited Liability Company, exactly as detailed in Schedule A which is attached for your reference with this document. The members may make additional capital contributions if they reach a consensus and agree upon it in writing.
V. Allocation of Profits and Losses
The profits and losses generated by the Limited Liability Company will be distributed among the members. The distribution will take place in a manner that is directly proportional to each member's ownership interest within the Limited Liability Company. Each member will receive a share that reflects their specific contribution or investment into the entity. The method by which profits and losses are to be distributed shall be performed by the specific details and procedures outlined in Schedule B, which is attached to this document for reference and review.
VI. Management of the LLC
The LLC's management will be vested in one or more managers elected by majority vote among members, with the scope of their authority covering all necessary company affairs. However, their powers are not absolute and must be exercised within the constraints of this Agreement and relevant laws and regulations.
VII. Meetings and Voting
There will be gatherings or meetings for all the members on an annual basis. Such meetings could also be scheduled more frequently or irregularly, based on decisions made by the manager or managers involved in the company. Each member, who is part of the company, has the right to cast one vote corresponding to each unit of ownership interest they hold. Decisions at the level of the Limited Liability Company will typically be made based on the rule of majority; in other words, whichever choice garners the most votes will be deemed the final decision. However, exceptions to this rule may occur, and these will be outlined and provided in this Agreement concerned.
VIII. Transfer of Membership Interest
No member within the Limited Liability Company is permitted to transfer or hand over their membership or stake without first obtaining the written consent of the majority of the remaining members beforehand. Any actions towards transferring membership interest should be done by and under the stipulations and conditions that have been outlined in our Agreement. These terms and conditions serve to regulate all membership interest transfers within this company.
IX. Withdrawal and Dissociation
A member of the Limited Liability Company (LLC) holds the right to withdraw their membership at any moment they choose. However, this action requires that they provide a formal written notice to the other members of the LLC to inform them of their intentions to withdraw. Following their withdrawal, the member who attempts the act of withdrawal shall possess full entitlement to receive the balance of their capital account. This balance is determined based on the amount in the account on the exact date when the withdrawal is performed.
X. Dissolution and Liquidation
In the instance that an event, as specified within this Agreement, occurs or if dissolution is required by any other legal provisions, the Limited Liability Company (LLC) may undergo dissolution. Following the event of dissolution, there is a requirement for the assets of the LLC to be liquidated. Once liquidated, these assets will then be distributed to all members of the LLC. The distribution will be carried out according to the individual ownership interests of each respective member.
XI. Amendment of Agreement
For any amendments or modifications to be made to this Agreement, a written instrument must be executed. This instrument outlining the desired changes must bear the signatures of all members who are party to this Agreement, as a demonstration of their consent and involvement. Only under these circumstances can changes to this Agreement be effected.
XII. Governing Law
This Agreement shall be controlled and interpreted by the laws that are present and operational within the geographical boundaries of the State of California.
IN WITNESS WHEREOF, the undersigned members have executed this Agreement as of the date first above written.
[YOUR COMPANY NAME]
August 5, 2060
Fin Dawson
August 5, 2060
