An Operating Agreement is used in the formation of any Limited Liability Company. An LLC operating agreement allows the owner and any co-owners to structure financial and working relationships in a way that suits the business. In the operating agreement, the owner and any co-owners establish each owner's percentage of ownership in the LLC, his or her share of profits (or losses), his or her rights and responsibilities, and what will happen to the business if one of the parties leaves.
LIMITED LIABILITY COMPANY OPERATING AGREEMENT This Operating Agreement ("Agreement") of _____________________ (the "Company"), is entered into by and between _____________________________, ("Members"). ARTICLE 1. FORMATION OF COMPANY 1.1. NAME The name of the limited liability company is and shall remain _______________________. 1.2. FORMATION The Company was formed on the _______ day of _________________,20___, pursuant to the laws of the State of ___________ when its Articles of Organization ("Articles") were filed with the office of the Secretary of State by ____________ who was designated as the Organizer 1.3. PRINCIPAL PLACE OF BUSINESS The Company's principal place of business is and shall remain _________________________. 1.4. STATUTORY AGENT The Company's statutory agent in the State of ___________ is and shall remain _____________________________________. The statutory agent may be changed by the Members as provided herein. 1.5. DEFECTS AS TO FORMALITIES A failure to observe any formalities or requirements of this Agreement, the Articles or the Act shall not be grounds for imposing personal liability on the Members for the liabilities, debts and obligations of the Company. ARTICLE 2. BUSINESS OF COMPANY The business of the Company shall be to carry on any lawful business or activity which may be conducted by a limited liability company organized under the Act. ARTICLE 3. MEMBER, CONTRIBUTION, AND MANAGEMENT 3.1. NAME AND ADDRESS OF MEMBER, MEMBER CERTIFICATE The Members’ names and addresses are: _______________________________________________________________________________ ______________________________________________________________________________. Members’ membership interest shall be as described on Exhibit A following this Operating Agreement. 3.2. CONTRIBUTION
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