Docstoc Legal Agreements
This Limited Liability Company (LLC) Operating Agreement outlines the operating
procedures and policies of an LLC with multiple members. An LLC is a flexible business
entity that combines the benefits of corporations and partnerships, and the operating
agreement defines the members' rights, powers and entitlements. The agreement contains
information regarding the members' capital contributions, the registered agent, and the
LLC's purpose. This operating agreement contains many of the standard provisions
commonly included in LLC operating agreements, and it may be customized to fit the
specific needs of the members forming the LLC. This document should be used when
forming an LLC with multiple members.
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OPERATING AGREEMENT OF
This OPERATING AGREEMENT, dated ___________________ (the â€œAgreementâ€), is
between the [Insert each Members name]___________________, (collectively referred to
as the â€œMembersâ€ and individually as a "Member").
The Members hereby forms this limited liability company pursuant to and in accordance
with the California Beverly-Killea Limited Liability Company Act, as amended from
time to time (â€œthe Actâ€) and hereby agree as follows:
THE LIMITED LIABILITY COMPANY
1.1. Filing. In connection with the execution of this Agreement, the Members
___________________ [have caused or will cause] Articles of Organization (the
â€œArticlesâ€) that comply with the Act to be properly filed with the California Secretary of
State, and will execute such further documents (including amendments to the Articles)
and take such further action as is appropriate to comply with the requirements of law for
the formation and operation of a limited liability company in all places where the
Company may conduct its business.
1.2. Name. The name of the Company is _____________________, [Instruction: The
name of the Company shall include either, LLC, L.L.C. or Limited Liability Company].
The Company will transact business under that name.
1.3. Company Purpose. The purpose of the Company is to engage in
__________________ [Instruction: If the business of the Company is not clearly
defined, it is permissible to insert â€œThe business of the Company may be conducted and
promoted by the Company, and may engage in any lawful activity for which limited
liability companies may be formed under the Act and engaging in any and all activities
necessary or incidental to the foregoingâ€ ].
1.4. Operative Date of Agreement. The provisions of this Agreement shall take effect
on _______ [date].
1.5. Registered Office. The Company shall maintain an office in California as required
by the Act at which it shall maintain the records required to be maintained there by the
Act. The Company may have such other offices as the Members may determine, within
or without the State of California and any such office may be the Company's principal
place of business, as determined by the Members.
1.6. Agent. The Company's initial agent for service of process required by the Act is as
set forth in the Articles and may be changed if and as determined by the
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Members.[Instruction: It is permissible to insert the name and address of the initial agent
for service of process].
1.7. Definitions. As used in this Agreement, the following terms have the following
"Act": as defined