Are you gearing up to form a new business with one or more partners? If so, one of the most important documents you`ll need to draft is an operating agreement. An operating agreement is a document that outlines the rules and regulations that will govern your business and your relationship with your partners. It`s a crucial legal document that protects your interests and ensures that your business runs smoothly.
To help you get started, we`ve put together a few samples of operating agreements.
Sample 1: Single-Member LLC Operating Agreement
A single-member LLC is a limited liability company with only one member. In this type of business structure, the member is the sole owner of the company. Here`s a sample operating agreement for a single-member LLC:
– Name and Purpose: This section outlines the name of the company and its purpose.
– Member Information: This section includes the name, address, and contact information of the member.
– Management: This section outlines how the LLC will be managed, who will manage it, and how decisions will be made.
– Capital Contributions: This section details the contributions made by the member to the LLC, including cash, property, or other assets.
– Distributions: This section outlines how profits and losses will be distributed among the member(s).
– Dissolution: This section outlines the process for dissolving the LLC.
Sample 2: Multi-Member LLC Operating Agreement
A multi-member LLC is a limited liability company with more than one member. Here`s a sample operating agreement for a multi-member LLC:
– Name and Purpose: This section outlines the name of the company and its purpose.
– Member Information: This section includes the name, address, and contact information of each member.
– Management: This section outlines how the LLC will be managed, who will manage it, and how decisions will be made.
– Capital Contributions: This section details the contributions made by each member to the LLC, including cash, property, or other assets.
– Distributions: This section outlines how profits and losses will be distributed among the member(s).
– Dissolution: This section outlines the process for dissolving the LLC.
Sample 3: Partnership Agreement
A partnership agreement is a legal document that outlines the terms and conditions of a partnership. Here`s a sample partnership agreement:
– Name and Purpose: This section outlines the name of the partnership and its purpose.
– Partner Information: This section includes the name, address, and contact information of each partner.
– Management: This section outlines how the partnership will be managed, who will manage it, and how decisions will be made.
– Capital Contributions: This section details the contributions made by each partner to the partnership, including cash, property, or other assets.
– Distributions: This section outlines how profits and losses will be distributed among the partners.
– Dissolution: This section outlines the process for dissolving the partnership.
While these samples can give you an idea of what an operating agreement looks like, it`s important to note that every business is unique. Your operating agreement should be tailored to your business`s specific needs and circumstances. It`s also important to consult with a legal professional to make sure your agreement is legally binding and protects your interests.