LLC Membership Agreement
I. Agreement Introduction
This LLC Membership Agreement ("Agreement") is made effective as of December 13, 2050, by and between [Your Company Name], a limited liability company organized under the laws of Nevada, with its principal office located at [Your Company Address], represented by [Your Name], hereinafter referred to as "the LLC," and Lawrence Orn, an individual residing at Las Vegas, NV 89101, hereinafter referred to as "the Member."
The purpose of this Agreement is to outline the terms and conditions under which the Member shall participate in the LLC and fulfill their obligations as a member.
II. Term of Membership
1. Effective Date and Duration
This Agreement will begin on December 13, 2050, and remain in effect until terminated in accordance with the terms set forth herein. The membership shall automatically renew for successive one-year terms unless terminated by either party with 30 days' written notice prior to the expiration of the current term.
2. Early Termination
Either party may terminate this Agreement before the end of the term by providing written notice, with such termination to be effective 30 days after receipt of notice. If the Member initiates the termination, they will not be entitled to any refund of membership fees.
III. Member Rights and Obligations
1. Rights of the Member
Upon acceptance into the LLC, the Member shall enjoy the following rights:
LLC voting rights for manager elections and operating agreement changes.
Access to LLC financial statements and other reports upon request.
The right to profits, distributions, and benefits as per the LLC's operating agreement.
2. Responsibilities of the Member
The Member agrees to:
Contribute capital to the LLC in accordance with the LLC’s requirements.
Comply with all laws and regulations that govern the operations of the LLC.
Follow the LLC's operating agreement and majority decisions.
IV. Financial Terms
1. Capital Contribution
The Member agrees to contribute a total amount of $10,000 to the LLC as an initial capital investment. This contribution is due upon the execution of this Agreement.
2. Profit and Loss Distribution
Profits and losses shall be allocated among members in accordance with the LLC's operating agreement, based on the proportion of their capital contributions unless otherwise agreed upon in writing by all members.
3. Additional Contributions
In the event the LLC requires additional capital contributions, the Member may be asked to provide further financial contributions, subject to the Member's consent.
V. Ownership Interests
1. Percentage of Ownership
As a result of the capital contribution, the Member will hold an ownership interest in the LLC, which is expressed as 10% of the total membership interests, unless otherwise agreed upon.
2. Transfer of Ownership Interests
The Member may transfer their ownership interest in the LLC only with the written consent of the other members, as stipulated in the LLC's operating agreement. Any transfer must comply with all legal requirements and be documented properly.
VI. Governing Law
This Agreement shall be governed by, and construed in accordance with, the laws of the state of Nevada. Any legal action related to this Agreement must be filed in a court of competent jurisdiction located in Nevada.
VII. Dispute Resolution
1. Negotiation
In the event of a dispute between the LLC and the Member, the parties agree to attempt to resolve the dispute through informal negotiation before seeking legal remedies.
2. Mediation
If the dispute cannot be resolved through negotiation, the parties agree to submit the dispute to mediation in accordance with the rules of the American Arbitration Association.
3. Arbitration
If mediation fails, any unresolved dispute shall be submitted to arbitration in Nevada in accordance with the rules of the American Arbitration Association, and the decision of the arbitrator shall be final and binding on both parties.
VIII. Termination of Membership
1. Termination by the Member
The Member may terminate their membership by providing written notice to [Your Name] at [Your Email]. Upon termination, any outstanding obligations owed to the LLC must be settled in full.
2. Termination by the LLC
The LLC may terminate the membership of any member who fails to comply with the terms of this Agreement, the LLC's operating agreement, or any applicable laws. Such termination will be effective 30 days after written notice has been provided to the Member.
IX. Signatories
For the LLC
Signed by: [Your Name]
Title: Managing Member
Date: December 13, 2050
For the Member
Signed by: Lawrence Orn
Title: Member
Date: December 13, 2050
For any further inquiries or clarifications, please contact [Your Name] at [Your Email].
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