Operating Agreement

Limited Liability Company

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Description:

An LLC operating agreement is a key document for a limited liability company (LLC) as it outlines the terms of ownership, company structure and duties of the members of the LLC. This template is for a manager-managed LLC i.e. the owners appoint a manager or managers to handle day-to-day business decisions

An LLC is not mandatory by law in many states. However, it is important to have an LLC agreement because:

  • it defines the roles and responsibilities of the members to avoid future misunderstandings;
  • protect the members from being personally liable.; and
  • having an operating agreement gives you the power to set the rules for your LLC and have more control over your business. In absence of an LLC operating agreement, the default state rules may apply to your company.

This template includes the essential provisions of an LLC operating agreement i.e.:

  • Formation
  • Rights and Duties of the Managers
  • Capital Contribution
  • Distribution
  • Additional Member
  • Dissolution

 

How to Use the Document?

This document should be used by all the members of the LLC. It is recommended to enter into an operating agreement during the startup phase of your business.

The details of the LLC, LLC members, capital contributions must be specified.

All the parties should sign and return a copy, and once signed, all the parties should get a copy. To avoid future disputes, parties may wish to have their signature witnessed.

 

How to Tailor the Document for Your Need?

  1. Create Document: Click the “Create Document” button and the document will be prepared with your account details automatically filled in.

  2. Please fill in any additional information by following the step-by-step guide on the left-hand side of the preview document and click the “Next” button.

  3. When you are done, click the “Get Document” button and you can download the document in Word or PDF format.

  4. Please review the document carefully and make any final modifications to ensure that the details are correct before sending it to the addressee.

Document Type:

Corporate / resolution / minutes

Category:

Business > Setup of Business / Entity > Articles of Association / Company Incorporation

 
Keywords:

LLC

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Author:

DocPro Legal

DocPro Legal is a team of legal professionals with a passion for making quality documents and legal contract templates widely available to the public through cutting edge technology. Our lawyers are qualified in numerous common law jurisdictions including the United Kingdom, Australia, New Zealand, India, Singapore and Hong Kong. We have experience in major law firms and international banks with expertise in business, commercial, finance, banking, litigation, family, succession and company laws.