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Note:  The purchased version of this form includes, in addition to the operating agreement, a packet of professionally drafted resolutions, notices, and minutes templates that are essential to the initial organization of an LLC and to its ongoing operation, including: Appointment of Accountants, Appointment of Officers, Approval of Operating Agreement, Designation or Substitution of Agent for Service of Process, Approval of Employment Agreement, Sale of Membership Interests, Amendment of Articles of Organization, Approval of Borrowing, Annual Members Meeting, Purchase of Property, Qualifications to Do Business, Authorization for Members to Act on Behalf of LLC, Notice of Meeting, Declaration of Mailing of Notice of Meeting, Waiver of Notice and Consent to Hold Meeting of Members, Minutes of Special or Regular Meeting, and Action by Written Consent.

LIMITED LIABILITY COMPANY OPERATING AGREEMENT

FOR


_______________________________________
[Insert Name of LLC]

A Manager-Managed Limited Liability Company

 

 

THIS LIMITED LIABILITY COMPANY AGREEMENT (the Agreement) is made and entered into this _________________ day of ________________, 20___ by: [insert name(s) of Manager(s)] _______________________________________________________________________
_______________________________________________________________________
 

and each individual or business entity later subsequently admitted to the Company. These individuals and/or business entities shall be known as and referred to as "Members" and individually as a "Member."

 

[Insert Member names]

 

 

As of this date the Members, through their agent, ________________, ___________________ have formed the __________________ Limited Liability Company named above under the laws of the State of Iowa. Accordingly, in consideration of the conditions contained herein, they agree as follows:

 

ARTICLE I

Company Formation and Registered Agent

 

1.1     FORMATION. The Members hereby form a Limited Liability Company ("Company") subject to the provisions of the Limited Liability Company Act as currently in effect as of this date. A Certificate of Formation shall be filed with the Secretary of State.

 

1.2     NAME. The name of the Company shall  be: ______________________________, L.L.C.

 

1.3  REGISTERED OFFICE AND AGENT. The location of the registered office of the Company shall be:

 

 

 

1.4  TERM. The Company shall continue for a period [insert term length] ________________ unless dissolved by: ____________________________________________________________.

 

(a) Members whose capital interest as defined in Article 2.2 exceeds 50 percent vote for dissolution; or (b) Any event which makes it unlawful for the business of the Company to be carried on by the Members; or

(c) The death, resignation, expulsion, bankruptcy, retirement of a Member or the occurrence of any other event that terminates the continued membership of a Member of the Company; or

(d) Any other event causing a dissolution of a Limited Liability Company under the laws of the State of Iowa.

 

1.5  CONTINUANCE OF COMPANY. Notwithstanding the provisions of ARTICLE 1.4, in the event of an occurrence described in ARTICLE 1.4(c), if there are at least two remaining Members, said remaining Members shall have the right to continue the business of the Company. Such right can be exercised only by the unanimous vote of the remaining Members within ninety (90) days after the occurrence of an event described in ARTICLE 1.4(c). If not so exercised, the right of the Members to continue the business of the Company shall expire.

 

1.6  BUSINESS PURPOSE. The purpose of the Company is to engage in any lawful act or activity for which a Limited Liability Company may be formed under the Limited Liability statutes of the State of Iowa.

 

1.7  PRINCIPAL PLACE OF BUSINESS. The location of the principal place of business of the Company shall be:

 

                        [insert principal place of business address]

 

or at such other place as the Managers from time to time select.

 

1.8  THE MEMBERS. The name and place of residence of each member are contained in Exhibit 2 attached to this Agreement.

 

1.9  ADMISSION OF ADDITIONAL MEMBERS.  Except as otherwise expressly provided in the Agreement, no additional members may be admitted to the Company through issuance by the company of a new interest in the Company without the prior unanimous written consent of the Members.

 

ARTICLE 2

Capital Contributions

 

2.1  INITIAL CONTRIBUTIONS. The Members initially shall contribute to the Company capital as described in Exhibit 3 attached to this Agreement. The agreed value of such property and cash is  $ [insert amount] ___________.

 

2.2  ADDITIONAL CONTRIBUTIONS. Except as provided in ARTICLE 6.2, no Member shall be obligated to make any additional contribution to the Company's capital.

 

ARTICLE 3

Profits, Losses and Distributions

 

3.1  PROFITS/LOSSES. For financial accounting and tax purposes the Company's net profits or net losses shall be determined on an annual basis and shall be allocated to the Members in proportion to each Member's relative capital interest in the Company as set forth in Exhibit 2 as amended from time to time in accordance with Treasury Regulation 1.704-1.

 

3.2  DISTRIBUTIONS. The Members shall determine and distribute available funds annually or at more frequent intervals as they see fit. Available funds, as referred to herein, shall mean the net cash of the Company available after appropriate provision for expenses and liabilities, as determined by the Managers. Distributions in liquidation of the Company or in liquidation of a Member's interest shall be made in accordance with the positive capital account balances pursuant to Treasury Regulation 1.704-l(b)(2)(ii)(b)(2). To the extent a Member shall have a negative capital account balance, there shall be a qualified

income offset, as set forth in Treasury Regulation 1.704-l(b)(2)(ii)(d).

  

ARTICLE 4

Management

 

4.1  MANAGEMENT OF THE BUSINESS. The name and place of residence of each Manager is attached as Exhibit 1 of this Agreement. By a vote of the Members holding a majority of the capital interests in the Company, as set forth in Exhibit 2 as amended from time to time, shall elect so many Managers as the Members determine, but no fewer than one, with one Manager elected by the Members as Chief Executive Manager.

 

4.2  MEMBERS. The liability of the Members shall be limited as provided under the laws of the Iowa Limited Liability statutes. Members that are not Managers shall take no part whatever in the control, management, direction, or operation of the Company's affairs and shall have no power to bind the Company. The Managers may from time to time seek advice from the Members, but they need not accept such advice, and at all times the Managers shall have the exclusive right to control and manage the Company. No Member shall be

an agent of any other Member of the Company solely by reason of being a Member.

 

4.3  POWERS OF MANAGERS. The Managers are authorized on the Company's behalf to make all decisions as to (a) the sale, development lease or other disposition of the Company's assets; (b) the purchase or other acquisition of other assets of all kinds; (c) the management of all or any part of the Company's assets; (d) the borrowing of money and the granting of security interests in the Company's assets; (e) the pre-payment,  refinancing or extension of any loan affecting the Company's assets; (f ) the compromise or release of any of the Company's claims or debts; and, (g) the employment of persons, firms or corporations for the operation and management of the company's business. In the exercise of their management powers, the Managers are authorized to execute and deliver (a) all contracts, conveyances, assignments leases, sub-leases, franchise agreements, licensing agreements, management contracts and maintenance contracts covering or affecting the Company's assets; (b) all checks, drafts and other orders for the payment of the Company's funds; (c) all promissory notes, loans, security agreements and other similar documents; and, (d) all other instruments of any other kind relating to the Company's  affairs, whether like or unlike the foregoing.

  

4.4  CHIEF EXECUTIVE MANAGER. The Chief Executive Manager shall have primary responsibility for managing the operations of the Company and for effectuating the decisions of the Managers.

 

4.5  NOMINEE. Title to the Company's assets shall be held in the Company's name or in the name of any nominee that the Managers may designate. The Managers shall have power to enter into a nominee agreement with any such person, and such agreement may contain provisions indemnifying the nominee, except for his willful misconduct.

 

4.6  COMPANY INFORMATION. Upon request, the Managers shall supply to any member information regarding the Company or its activities. Each Member or his authorized representative shall have access to and may inspect and copy all books, records and materials in the Manager's possession regarding the  Company or its activities. The exercise of the rights contained in this ARTICLE 4.6 shall be at the requesting Member's expense.

 

4.7  EXCULPATION. Any act or omission of the Managers, the effect of which may cause or result in loss or damage to the Company or the Members if done in good faith to promote the best interests of the Company, shall not subject the Managers to any liability to the Members.

 

4.8  INDEMNIFICATION. The Company shall indemnify any person who was or is a party defendant or is threatened to be made a party defendant, pending or completed action, suit or proceeding, whether civil, criminal, administrative, or investigative (other than an action by or in the right of the Company) by reason of the fact that he is or was a Member of the Company, Manager, employee or agent of the Company, or is or was serving at the request of the Company, for instant expenses (including attorney's fees), judgments, fines, and amounts paid in settlement actually and reasonably incurred in connection with such action, suit or proceeding if the Members determine that he acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interest of the Company, and with respect to any criminal action proceeding, has no reasonable cause to believe his/her conduct was unlawful.  The termination of any action, suit, or proceeding by judgment, order, settlement, conviction, or upon a plea of "no lo Contendere" or its equivalent, shall not in itself create a presumption that the person did or did not act in good faith and in a manner which he reasonably believed to be in the best interest of the Company, and, with respect to any criminal action or proceeding, had reasonable cause to believe that his/her conduct was lawful.

 

4.9  RECORDS. The Managers shall cause the Company to keep at its principal place of business the following:

 

(a)  a current list in alphabetical order of the full name and the last known street address of each Member;

(b) a copy of the Certificate of Formation and the Company Operating Agreement and all amendments;

(c)   copies of the Company's federal, state and local income tax

 returns and reports, if any, for the three most recent years;

(d) copies of any financial statements of the limited liability company for the three most recent years.

  

ARTICLE 5

Compensation

 

5.1  MANAGEMENT FEE. Any Manager rendering services to the Company shall be entitled to compensation commensurate with the value of such services.

 

5.2  REIMBURSEMENT. The Company shall reimburse the Managers or Members for all direct out-of-pocket expenses incurred by them in managing the Company.

 

ARTICLE 6

Bookkeeping

 

6.1  BOOKS. The Managers shall maintain complete and accurate books of account of the Company's affairs at the Company's principal place of business. Such books shall be kept on such method of accounting as the Managers shall select. The company's accounting period shall be the calendar year.

 

6.2  MEMBER'S ACCOUNTS. The Managers shall maintain separate capital and distribution accounts for each member. Each member's capital account shall be determined and maintained in the manner set forth in Treasury Regulation 1.704-l(b)(2)(iv) and shall consist of his initial capital contribution increased by:

(a) any additional capital contribution made by him/her;

(b) credit balances transferred from his distribution account to his capital account;
and decreased by:

(a) distributions to him/her in reduction of Company capital;

(b) the Member's share of Company losses if charged to his/her capital account.

 

6.3  REPORTS. The Managers shall close the books of account after the close of each calendar year, and shall prepare and send to each member a statement of such Member's distributive share of income and expense for income tax reporting purposes.

 

ARTICLE 7

Transfers

 

7.1  ASSIGNMENT. If at any time a Member proposes to sell, assign or otherwise dispose of all or any part of his interest in the Company, such Member shall first make a written offer to sell such interest to the other Members at a price determined by mutual agreement. If such other Members decline or fail to elect such interest within thirty (30) days, and if the sale or assignment is made and the Members fail to approve this sale or assignment unanimously then, pursuant to the Iowa Limited Liability statutes, the purchaser or assignee shall have no right to participate in the management of the business and affairs of the Company. The purchaser or assignee shall only be entitled to receive the share of the profits or other compensation by way of income and the return of contributions to which that Member would otherwise be entitled.

 

 

Signed and Agreed this ________ day of _______________ 20____.

 


Member____________________        Member__________________________

 

 


 

LIMITED LIABILITY COMPANY OPERATING AGREEMENT

FOR ________________________________, L.L.C.

LISTING OF MANAGERS

 

By a majority vote of the Members the following Managers were elected to operate the Company pursuant to ARTICLE 4 of the Agreement:

 

 




_____________________________
Chief Executive Manager

_____________________________
Printed
Name:

_____________________________
Address Line 1

_____________________________
Address Line 2




_____________________________
Title:

_____________________________
Printed
Name:

_____________________________
Address Line 1

_____________________________
Address Line 2



_____________________________
Title:

_____________________________
Printed
Name:

_____________________________
Address Line 1

_____________________________
Address Line 2



_____________________________
Title:

_____________________________
Printed
Name:

_____________________________
Address Line 1

_____________________________
Address Line 2



_____________________________
Title:

_____________________________
Printed
Name:

_____________________________
Address Line 1

_____________________________
Address Line 2



_____________________________
Title:

_____________________________
Printed
Name:

_____________________________
Address Line 1

_____________________________
Address Line 2



_____________________________
Title:

_____________________________
Printed
Name:

_____________________________
Address Line 1

_____________________________
Address Line 2



_____________________________
Title:

_____________________________
Printed
Name:

_____________________________
Address Line 1

_____________________________
Address Line 2

 

 

The above listed Manager(s) will serve in their capacities until they are removed for any reason by a majority vote of the Members as defined by ARTICLE 4 or upon their voluntary resignation.

 

 

Signed and Agreed this ___________ day of ______________, 20__.

 

 

 

_____________________________

Member

 

 

_____________________________

Member


 
LIMITED LIABILITY COMPANY OPERATING AGREEMENT

FOR ________________________________, L.L.C.

LISTING OF MEMBERS

 

As of the ______ day of _____________, 20__  the following is a list

of Members of the Company:

 

NAME:                                                  ADDRESS:

 

_______________________        ______________________________

______________________________

______________________________

 

_______________________        ______________________________

______________________________

______________________________

 

 

Authorized by Member(s) to provide Member Listing as of this _____ day of _______________, 20__

 

 

_______________________________

Member

 

 

_______________________________

Member

 


 
LIMITED LIABILITY COMPANY OPERATING AGREEMENT

FOR ________________________________, L.L.C.

CAPITAL CONTRIBUTIONS

 

Pursuant to ARTICLE 2, the Members' initial contribution to the Company capital is stated to be $____________. The description and each individual portion of this initial contribution is as follows:

 

 

____________________________________         $______________

____________________________________         $______________

____________________________________         $______________

____________________________________         $______________

____________________________________         $______________

____________________________________         $______________

____________________________________         $______________

____________________________________         $______________

____________________________________         $______________

 

SIGNED AND AGREED this _____ day of ________________, 20____.

 
 

____________________________________

Member


 

____________________________________

Member
 


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