operating agreement
The Operating Agreement is a long and important legal docuement that establishes many of the most important aspects of the LLC. The document establishes rules about the following for the company:
- Organizational matters (name and purpose of company, interest holders in the company, capitalization, and ownership percentages)
- Capital accounts (capital contributions, return of capital contributions, etc.)
- Members, Voting Rights, and Meetings
- Management and Control of the Company
- Allocations of Profit, Loss and Distributions
- Transfers of Membership Interests
- Dissolution and Winding Up
- Limitation of Liability and Standard of Care Indemnification
- Other miscellaneous
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