LIEE SampleLLCOperatingAgreement.docx

LIEE SampleLLCOperatingAgreement.docx

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LIEESampleLLCOperatingAgreement

LIMITEDLIABILITYCOMPANYOPERATINGAGREEMENT

（COMPANYNAME）,LLC

AMember-ManagedLimitedLiabilityCompany

OPERATINGAGREEMENT

THISOPERATINGAGREEMENTismadeandenteredintoeffective（MonthDay,Year）,byandamong:

（MemberFullName）,（MemberFullName）,and（MemberFullName）（collectivelyreferredtointhisagreementasthe"Members"）.

SECTION1

THELIMITEDLIABILITYCOMPANY

1.1Formation.Effective（MonthDay,Year）,theMembersformalimitedliabilitycompanyunderthename（CompanyName）,L.L.C.（the"Company"）onthetermsandconditionsinthisOperatingAgreement（the"Agreement"）andpursuanttotheLimitedLiabilityCompanyActoftheStateofWashington（the"Act"）.TheMembersagreetofilewiththeappropriateagencywithintheStateofWashingtonchargedwithprocessingandmaintainingsuchrecordsalldocumentationrequiredfortheformationoftheCompany.TherightsandobligationsofthepartiesareasprovidedintheActexceptasotherwiseexpresslyprovidedinthisAgreement.

1.2Name.ThebusinessoftheCompanywillbeconductedunderthename（CompanyName）,L.L.C.,orsuchothernameuponwhichtheMembersmayunanimouslymayagree.

1.3Purpose.ThepurposeoftheCompanyistoengageinanylawfulactoractivityforwhichaLimitedLiabilityCompanymaybeformedwithintheStateofWashington.

1.4Office.TheCompanywillmaintainitsprincipalbusinessofficewithintheStateofWashingtonatthefollowingaddress:

（Address,City,StateZip）.

1.5RegisteredAgent.（FullName）istheCompany'sinitialregisteredagentintheStateofWashington,andtheregisteredofficeis（Address,City,StateZip）.

1.6Term.ThetermoftheCompanycommenceson（MonthDay,Year）andshallcontinueperpetuallyunlesssoonerterminatedasprovidedinthisAgreement.

1.7NamesandAddressesofMembers.TheMembers'namesandaddressesareattachedasSchedule1tothisAgreement.

1.8AdmissionofAdditionalMembers.ExceptasotherwiseexpresslyprovidedinthisAgreement,noadditionalmembersmaybeadmittedtotheCompanythroughissuancebythecompanyofanewinterestintheCompanywithoutthepriorunanimouswrittenconsentoftheMembers.

SECTION2

CAPITALCONTRIBUTIONS

2.1InitialContributions.TheMembersinitiallyshallcontributetotheCompanycapitalasdescribedinSchedule2attachedtothisAgreement.

2.2AdditionalContributions.NoMembershallbeobligatedtomakeanyadditionalcontributiontotheCompany'scapitalwithoutthepriorunanimouswrittenconsentoftheMembers.

2.3NoInterestonCapitalContributions.MembersarenotentitledtointerestorothercompensationfororonaccountoftheircapitalcontributionstotheCompanyexcepttotheextent,ifany,expresslyprovidedinthisAgreement.

SECTION3

ALLOCATIONOFPROFITSANDLOSSES;DISTRIBUTIONS

3.1Profits/Losses.Forfinancialaccountingandtaxpurposes,theCompany'snetprofitsornetlossesshallbedeterminedonanannualbasisandshallbeallocatedtotheMembersinproportiontoeachMember'srelativecapitalinterestintheCompanyassetforthinSchedule2asamendedfromtimetotimeinaccordancewithU.S.DepartmentoftheTreasuryRegulation1.704-1.

3.2Distributions.TheMembersshalldetermineanddistributeavailablefundsannuallyoratmorefrequentintervalsastheyseefit.Availablefunds,asreferredtoherein,shallmeanthenetcashoftheCompanyavailableafterappropriateprovisionforexpensesandliabilities,asdeterminedbytheManagers.DistributionsinliquidationoftheCompanyorinliquidationofaMember'sinterestshallbemadeinaccordancewiththepositivecapitalaccountbalancespursuanttoU.S.DepartmentoftheTreasuryRegulation1.704.1（b）

（2）（ii）（b）

（2）.TotheextentaMembershallhaveanegativecapitalaccountbalance,thereshallbeaqualifiedincomeoffset,assetforthinU.S.DepartmentoftheTreasuryRegulation1.704.1（b）

（2）（ii）（d）.

3.3NoRighttoDemandReturnofCapital.NoMemberhasanyrighttoanyreturnofcapitalorotherdistributionexceptasexpresslyprovidedinthisAgreement.NoMemberhasanydrawingaccountintheCompany.

SECTION4

INDEMNIFICATION

TheCompanyshallindemnifyanypersonwhowasorisapartydefendantoristhreatenedtobemadeapartydefendant,pendingorcompletedaction,suitorproceeding,whethercivil,criminal,administrative,orinvestigative（otherthananactionbyorintherightoftheCompany）byreasonofthefactthatheisorwasaMemberoftheCompany,Manager,employeeoragentoftheCompany,orisorwasservingattherequestoftheCompany,againstexpenses（includingattorney'sfees）,judgments,fines,andamountspaidinsettlementactuallyandreasonablyincurredinconnectionwithsuchaction,suitorproceedingiftheMembersdeterminethatheactedingoodfaithandinamannerhereasonablybelievedtobeinornotopposedtothebestinterestoftheCompany,andwithrespecttoanycriminalactionproceeding,hasnoreasonablecausetobelievehis/herconductwasunlawful.Theterminationofanyaction,suit,orproceedingbyjudgment,order,settlement,conviction,oruponapleaof"noloContendere"oritsequivalent,shallnotinitselfcreateapresumptionthatthepersondidordidnotactingoodfaithandinamannerwhichhereasonablybelievedtobeinthebestinterestoftheCompany,and,withrespecttoanycriminalactionorproceeding,hadreasonablecausetobelievethathis/herconductwaslawful

SECTION5

POWERSANDDUTIESOFMANAGERS

5.1ManagementofCompany.

5.1.1TheMembers,withintheauthoritygrantedbytheActandthetermsofthisAgreementshallhavethecompletepowerandauthoritytomanageandoperatetheCompanyandmakealldecisionsaffectingitsbusinessandaffairs.

5.1.2ExceptasotherwiseprovidedinthisAgreement,alldecisionsanddocumentsrelatingtothemanagementandoperationoftheCompanyshallbemadeandexecutedbyaMajorityinInterestoftheMembers.

5.1.3ThirdpartiesdealingwiththeCompanyshallbeentitledtorelyconclusivelyuponthepowerandauthorityofaMajorityinInterestoftheMemberstomanageandoperatethebusinessandaffairsoftheCompany.

5.2DecisionsbyMembers.WheneverinthisAgreementreferenceismadetothedecision,consent,approval,judgment,oractionoftheMembers,unlessotherwiseexpresslyprovidedinthisAgreement,suchdecision,consent,approval,judgment,oractionshallmeanaMajorityoftheMembers.

5.3WithdrawalbyaMember.AMemberhasnopowertowithdrawfromtheCompany,exceptasotherwiseprovidedinSection8.

SECTION6

SALARIES,REIMBURSEMENT,ANDPAYMENTOFEXPENSES

6.1OrganizationExpenses.AllexpensesincurredinconnectionwithorganizationoftheCompanywillbepaidbytheCompany.

6.2Salary.NosalarywillbepaidtoaMemberfortheperformanceofhisorherdutiesunderthisAgreementunlessthesalaryhasbeenapprovedinwritingbyaMajorityoftheMembers.

6.3LegalandAccountingServices.TheCompanymayobtainlegalandaccountingservicestotheextentreasonablynecessaryfortheconductoftheCompany'sbusiness.

SECTION7

BOOKSOFACCOUNT,ACCOUNTINGREPORTS,TAXRETURNS,

FISCALYEAR,BANKING

7.1MethodofAccounting.TheCompanywillusethemethodofaccountingpreviouslydeterminedbytheMembersforfinancialreportingandtaxpurposes.

7.2FiscalYear;TaxableYear.ThefiscalyearandthetaxableyearoftheCompanyisthecalendaryear.

7.3CapitalAccounts.TheCompanywillmaintainaCapitalAccountforeachMemberonacumulativebasisinaccordancewithfederalincometaxaccountingprinciples.

7.4Banking.AllfundsoftheCompanywillbedepositedinaseparatebankaccountorinanaccountoraccountsofasavingsandloanassociationinthenameoftheCompanyasdeterminedbyaMajorityoftheMembers.Companyfundswillbeinvestedordepositedwithaninstitution,theaccountsordepositsofwhichareinsuredorguaranteedbyanagencyoftheUnitedStatesgovernment.

SECTION8

TRANSFEROFMEMBERSHIPINTEREST

8.1SaleorEncumbranceProhibited.ExceptasotherwisepermittedinthisAgreement,noMembermayvoluntarilyorinvoluntarilytransfer,sell,convey,encumber,pledge,assign,orotherwisedisposeof（collectively,"Transfer"）aninterestintheCompanywithoutthepriorwrittenconsentofamajorityoftheothernontransferringMembersdeterminedonapercapitabasis.

8.2RightofFirstRefusal.NotwithstandingSection8.1,aMembermaytransferalloranypartoftheMember'sinterestintheCompany（the"Interest"）asfollows:

8.2.1TheMemberdesiringtotransferhisorherInterestfirstmustprovidewrittennotice（the"Notice"）totheotherMembers,specifyingthepriceandtermsonwhichtheMemberispreparedtoselltheInterest（the"Offer"）.

8.2.2Foraperiodof30daysafterreceiptoftheNotice,theMembersmayacquireall,butnotlessthanall,oftheInterestatthepriceandunderthetermsspecifiedintheOffer.IftheotherMembersdesiringtoacquiretheInterestcannotagreeamongthemselvesontheallocationoftheInterestamongthem,theallocationwillbeproportionaltotheOwnershipInterestsofthoseMembersdesiringtoacquiretheInterest.

8.2.3ClosingofthesaleoftheInterestwilloccurasstatedintheOffer;provided,however,thattheclosingwillnotbelessthan45daysafterexpirationofthe30-daynoticeperiod.

8.2.4IftheotherMembersfailorrefusetonotifythetransferringMemberoftheirdesiretoacquirealloftheInterestproposedtobetransferredwithinthe30-dayperiodfollowingreceiptoftheNotice,thentheMemberswillbedeemedtohavewaivedtheirrighttoacquiretheInterestonthetermsdescribedintheOffer,andthetransferringMembermaysellandco