Limited Liability Operating Agreement - 1263 Downloads

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Limited Liability Operating Agreement
File Size: 44 KB
Downloads: 1263
Uploaded on: 2015-11-15 19:16:00
File Name: Limited-Liability-Operating-Agreement.docx
Download: Free
A limited liability operating agreement is a legal form of protection for members or owners of a company concerning the assets of the company. This agreement dictates the terms and conditions of the company as well as the roles and duties of each member within the LLC. The LLC operating agreement states that the LLC is liable for any sort of legal ramifications pertaining to the members' assets instead of the individual members.This form should state the expectations of the LLC from each individual member, or owner. The content should include the particular duties of each member, as well as the assets they are contributing to the LLC. The agreement should state the basic parameters of the formation of the company and the details of what is to be done in the instance a member would like to leave the LLC. The limited liability operating agreement format should also state the percentages of the company each individual member holds. The members should also note all of the non-monetary assets, such as vehicles, that they are including in the formation of the LLC.This limited liability operating agreement sample shows the formation of an LLC by seven different members. Each individual member is providing different types of assets to the LLC. This sample will state the conditions of each individual member concerning profit gain and loss. This sample will also provide a brief overview of a "managerial operating agreement" that could be included, as well.

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