Business
Limited Liability Company (LLC) Operating Agreement
Foundational document governing LLC operations, member rights, profit distributions, management structure, and procedures for admitting or removing members and dissolving company.
Key Clauses
1
Recitals Whereas
Defines recitals whereas terms and conditions.
2
Formation
Confirms LLC registration with state authorities and compliance with applicable formation requirements.
3
Purpose T
Defines purpose t terms and conditions.
4
Term T
Defines term t terms and conditions.
5
Membership Interests
Details ownership percentages, member rights, and procedures for transferring membership interests.
6
Allocations And Distributions
Governs profit/loss allocation and cash distribution procedures among members.
Use This Template
When You Need This
- Forming LLC with multiple members requiring governance structure
- Protecting personal assets through limited liability business structure
- Establishing tax-efficient business entity for investment or operations
- Creating flexible management structure unlike rigid corporate requirements