Sample Llc Operating Agreement Essay

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LLC OPERATING AGREEMENT (2 or more members) LLC OPERATING AGREEMENT OF [NAME OF LLC] a _______ Limited Liability Company THIS AGREEMENT made effective as of the _____ day of ______________, _______. AMONG: [NAME OF MEMBER #1] - and [NAME OF MEMBER #2] - and [NAME OF MEMBER #3] {list all Members in this manner] (hereinafter individually referred to as a “Member” and collectively as the “Members”) - and [NAME OF LIMITED LIABILITY COMPANY] a limited liability company in the process of formation with a registered office address in the State of ________________ RECITALS A. B. The Members desire to form a limited liability company (the “Company”) under the laws of the State of _____________. The Members desire to enter into this Agreement in order to form and provide for the governance of the Company and the conduct of its business, and to set out their respective rights and obligations with respect thereto. NOW THEREFORE THIS AGREEMENT WITNESSES that in consideration of the mutual covenants and agreements contained in this Agreement, the parties hereby agree as follows: ARTICLE I - DEFINITIONS Wherever used throughout this Agreement, the following terms shall have the means specified in this Article or elsewhere in this Agreement: 1.1 “Act” means the legislation enacted in the State of ______________ applicable and pertaining to the formation and operation of limited liability companies, as amended, replaced or re-enacted from time to time. “Agreement” means this Operating Agreement, and any amendments, modifications or replacements thereto or thereof. 1.2 -2- 1.3 1.4 “Articles of Organization” means the Articles of Organization required to be filed under the Act in order to establish a limited liability company in the State of ____________________. “Assignee” means a person who has acquired a Member’s Financial Interest in the Company, by

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