LLC Operating Agreement Template for Word
LLC operating agreement is a legal document stating the ownership and member duties of a Limited Liability Company. This agreement covers the ranks, financial and working relations among owners and between members and managers.
Duties and responsibilities regarding projects are explained to every member. It is an official contract, and any member can be held accountable if they do not comply with all the terms and conditions.
The template of the LLC agreement is presented below,
This agreement is drafted on a date (__/__/__) between the following individuals,
Name: Derek Hugh
Address: 38 Gate Road, California, USA. Contact: 739 624-6393
Name: Sean Mason
Address: 79 River Road, California, USA. Contact: 342 345-73934
Terms and conditions of this agreement are mentioned below,
This agreement shall commence from date (__/__/__) and should be followed seriously. Company is created on date (__/__/__) and will provide services immediately after creation. There will be 2 owners of the company and they will have equal shares and responsibilities. During initial stages, 5 members and 3 mangers will serve the clients. Members will be provided the opportunity to select managers and work along with them. Company will be managed by managers, and they can ask members for their assistance. Members will direct their company affairs related requests to manager, and they will convey them to owners. Decisions of the company will be taken through votes of the members and managers to ensure everyone is satisfied with the work. All the founding members of the LLC will gather money for its existence and will continue to do so for a particular period. All members will bear the burden of loss and profit of the company as they all are founding members. Member will be allowed to give their ownership to another member in exchange for money. No member is allowed to include any other person by offering them ownership. In case of death of any member, ownership will be transferred to existing members. If any member face bankruptcy, they will be excluded from the company along with their shares. The company will be dissolved if all the members do not find a way to work with each other. Dissolution of company will be inevitable if it fails to provide services to its customers. All the members of the company will conduct a meeting weekly to discuss workings and projects of the company. Any dispute among members will not be allowed to disturb the decorum of work. No cheques will be signed by the members and managers. This agreement can be updated if members wish to make amendments. This agreement will be signed in the presence of credible witnesses provided by mutual understanding of all members. This agreement will face cancellation if the members create problems in the completion of projects.
Owner #1: Derek Hugh
Owner #2: Sean Mason
Witness #1: Chris Amish
Witness #2: Joshua Hill
File: Word (.docx) Size: 23 KB