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