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Farm LLC Operating Agreement
"I need a Farm LLC Operating Agreement for a family-owned dairy farm that will be transferred from my parents to myself and my two siblings in March 2025, with specific provisions for profit sharing and decision-making processes between family members."
1. Parties: Identification and details of all members/partners
2. Background: Context of the farming business and purpose of agreement
3. Definitions: Key terms used throughout the agreement
4. Business Purpose: Specific farming activities and scope of operations
5. Capital Contributions: Initial and ongoing capital requirements
6. Management Structure: Decision-making processes and authority levels
7. Profit and Loss Distribution: How financial returns are shared
8. Transfer of Interests: Rules for selling or transferring ownership
1. Environmental Management: Environmental commitments and practices for farms with specific environmental obligations or certifications
2. Succession Planning: Provisions for future ownership transition, particularly relevant for family farms
3. Subsidies and Grants: Management of agricultural subsidies and government support mechanisms
1. Schedule 1: Property Details: Details of land, buildings, and fixed assets
2. Schedule 2: Equipment Inventory: List of machinery and equipment owned by the business
3. Schedule 3: Initial Capital Contributions: Detailed breakdown of members' initial investments
4. Schedule 4: Management Responsibilities: Specific roles and duties of members
5. Appendix A: Farm Maps: Physical layout and land usage plans
Authors
Agricultural Land
Articles of Organization
Business Day
Capital Account
Capital Contribution
Company Property
Confidential Information
Crops
Default Event
Distribution
Effective Date
Encumbrance
Farm Business
Farm Equipment
Financial Year
Good Agricultural Practice
Initial Capital Contribution
Insolvency Event
Interest
Land
Livestock
Management Committee
Managing Member
Member
Membership Interest
Operating Expenses
Percentage Interest
Permitted Transfer
Principal Place of Business
Profits and Losses
Property
Quorum
Related Party
Reserved Matters
Special Resolution
Subsidiary
Succession Plan
Transfer
Valuation
Purpose and Powers
Principal Place of Business
Term and Duration
Capital Contributions
Additional Capital Contributions
Membership Interests
Profit and Loss Distribution
Management Structure
Voting Rights
Member Meetings
Decision Making
Farm Operations
Land Management
Equipment and Assets
Livestock Management
Environmental Compliance
Health and Safety
Employment
Financial Management
Banking
Accounting and Records
Tax Matters
Insurance
Confidentiality
Intellectual Property
Transfer Restrictions
Right of First Refusal
Succession Planning
Death or Incapacity
Exit Provisions
Valuation
Dispute Resolution
Force Majeure
Termination
Dissolution
Amendment Procedures
Notices
Governing Law
Entire Agreement
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