LLC Operating Agreement Short Form[JV1]
1. Names
This operating agreement is made by _______________[JV2], a(n) __________________[JV3] limited liability company and ______________________.[JV4]
2. Formation
The Company has been formed under the________________ statute authorizing the formation of limited liability companies. The purpose of the Company is stated in the articles of organization.
3. Offices
The Company will have one or more offices at places the Member designates. The initial registered office of the Company is located at:
and _________________________ is the resident agent.
4. Management
The Member(s) has the right to manage the Company's business. The Member(s) may delegate to another person the authority to perform specified acts on behalf of the Company. If the (a) Member(s) die(s) or is unable to act, the Company will be managed by ________________ or by the person the Member(s) last designates in writing to manage the Company. That person will have full authority to manage the Company until the Member(s) can do so.
5. Capital Contributions
The Member(s) will contribute $________________ to the Company in exchange for the Members’ ownership interest in the Company. The Member(s) will not be paid interest on this capital contribution.
6. Taxes
For federal tax purposes, the Company will be taxed as a sole proprietorship, with profits and losses passing through to the Members.
7. Funds
The Member(s) will determine the financial institution that will hold Company funds and will determine the authorized signatures on Company accounts.
8. Additional Members
The Company may admit one or more additional members upon such terms as are determined by the Company and the Member(s). If new members are admitted, the articles of organization and the operating agreement will be appropriately amended.
9. Distributions
The Member(s) will determine when and how cash and other assets of the Company will be distributed.
Dated: _________________________________________________________________
By: _________________________________________________________________
By ________________________________________________________________
[JV1]To be used to establish operating procedures for a limited Liability corporation. The short form is typically used for a single member LLC, or where specificity in the operating procedures is neither needed nor desired.
[JV2]Company name
[JV3]State of formation
[JV4]Member(s)
[JV5]Insert your company name