LIMITED LIABILITY COMPANY (LLC) CONTRACT
This Limited Liability Company Operating Contract (the "Contract") is made effective as of [Date], by and between [Member One's Full Name], residing at [Member One's Address], and [Member Two's Full Name], residing at [Member Two's Address]. Together, [Member One's Full Name] and [Member Two's Full Name] are referred to herein as the "Members" of [Your Company Name] (the "Company").
1. Formation
The Members hereby agree to form a Limited Liability Company ("LLC"), subject to the laws and regulations of the state in which the LLC is established. The Members commit to filing all necessary documentation required for the formation and ongoing legal standing of the LLC.
2. Name and Principal Place of Business
The LLC shall be named [Your Company Name] and shall conduct its business under this name. The principal office of the LLC will be located at [Your Company Address], or such other location as the Members may determine from time to time.
3. Purpose
The Limited Liability Company has been created and formulated with the primary purpose of participating in any activities that are considered lawful and legal. Such activities are subjected to the restrictions or allowances that Limited Liability Companies face, which are set out and governed by the various laws applicable within the jurisdiction of the specific state under which the company may be organized.
4. Duration
The amount of time that the limited liability company is to remain in existence is anticipated to be permanent and ongoing. However, there are scenarios in which this could cease to be the case. These include situations where the company is dissolved in line with the provisions that have been outlined in this Contract. Additionally, if there is a law applicable to the situation which mandates the dissolution of the company, then the company will no longer continue to exist.
5. Management
Management of the LLC shall reside with the Members. Decisions regarding the management and operations of the LLC shall require the majority consent of the Members, except as otherwise provided in this Contract.
6. Capital Contributions
Members of the Limited Liability Company (LLC) reserve the right, at their own will and discretion, to make contributions of capital towards the LLC. However, it is important to note that these capital contributions do not, in any way, present a change or alteration to the contributing Member's share of profits or losses within the LLC. Also, their voting power within the Limited Liability Company shall remain unaltered and unaffected by any capital contributions they make, thereby maintaining the balance of power within the structure of the LLC.
7. Allocation of Profits and Losses
Profits and losses of the LLC shall be allocated among the Members in proportion to their respective ownership interests in the LLC. Distribution of profits shall be made at the discretion of the Members.
8. Distributions
The Limited Liability Company, often abbreviated as LLC, has the option and ability to distribute either cash or property as a form of disbursement to the individuals comprising its membership. This distribution is contingent on the decisions made collectively by these members. Additionally, it is important to note that the proportion of these disbursements adheres to each member's corresponding ownership interest in the Limited Liability Company.
9. Dissolution
The LLC may be dissolved upon an event agreed upon by the Members that calls for dissolution, or by any event that necessitates dissolution under the laws of the state where the LLC is established.
10. Amendments
This Contract may only be amended or revised by a written document signed by all Members.
This Contract shall bind and inure to the benefit of the parties and their respective successors, heirs, executors, and administrators.
This Contract shall be governed by and construed under the laws of the state in which the LLC is formed.
IN WITNESS WHEREOF, the Members have executed this Limited Liability Company Operating Contract as of the date first written above.
Name: [Member One Name]
Company: [Your Company Name]
Date Signed:
Name: [Member Two Name]
Company: [Your Company Name]
Date Signed:
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