Free Corporation Operating Agreement for LLC Members Template
Corporation Operating Agreement for LLC Members
This Corporation Operating Agreement (the "Agreement") is entered into by and among the Members of [YOUR COMPANY NAME], a limited liability company organized under the laws of the State of California (hereinafter referred to as the "Company").
1. Formation
The Company was formed on January 1, 2050 pursuant to the filing of Articles of Organization with the Secretary of the State of California.
1.1 Principal Office
The principal office of the Company shall be located at [YOUR COMPANY ADDRESS], or such other place as the Members may determine from time to time.
1.2 Purpose
The purpose of the Company is to engage in any lawful business activity for which a limited liability company may be organized under the laws of the State of California.
2. Members
2.1 Initial Members
The initial Members of the Company are:
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[YOUR NAME]
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Malvina Jones
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Charley Stokes
2.2 Admission of New Members
New Members may be admitted to the Company subject to approval by a majority vote of the existing Members.
3. Management
3.1 Management Structure
The Company shall be managed by its Members. Decisions shall be made with the approval of a majority of the Members, unless otherwise specified in this Agreement.
3.2 Officers
The Company may appoint officers as necessary to carry out its operations. The officers shall be appointed by a majority vote of the Members and shall serve for such terms as determined by the Members. The following positions may be established:
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President
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Vice President
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Secretary
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Treasurer
3.3 Meetings of Members
Regular meetings of the Members shall be held at least annually and special meetings may be called as needed by the Members.
4. Capital Contributions
4.1 Initial Contributions
Each Member shall make an initial contribution to the Company as follows:
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Member |
Contribution |
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[YOUR NAME] |
$25,000 |
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Malvina Jones |
$20,000 |
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Charley Stokes |
$15,000 |
4.2 Additional Contributions
Additional capital contributions may be required from Members upon approval by a majority of the Members.
5. Distributions
Distributions of Company profits shall be made to Members in proportion to their respective percentage interests in the Company.
6. Dissolution
The Company shall be dissolved upon the occurrence of any of the following events:
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Agreement by all Members.
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Entry of a decree of judicial dissolution under the applicable state laws.
7. Miscellaneous Provisions
7.1 Amendments
This Agreement may be amended only by a written agreement signed by all Members.
7.2 Governing Law
This Agreement shall be governed by and construed under the laws of the State of California.
8. Signatures
IN WITNESS WHEREOF, the Members have executed this Corporation Operating Agreement as of the January 1, 2074.
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[YOUR NAME]