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Custom Operating Agreement
"I need a Custom Operating Agreement for a technology startup LLC with three founding members, launching in March 2025, with specific provisions for intellectual property protection and future investor admission."
1. Parties: Identifies all members of the LLC and their contact information
2. Background: States the purpose of forming the LLC and basic intentions of the parties
3. Definitions: Defines key terms used throughout the agreement
4. Formation and Name: Details of LLC formation, registered name, and office location
5. Purpose and Powers: Describes the LLC's business purpose and general powers
6. Members and Membership Interests: Details member classifications, rights, and ownership percentages
7. Capital Contributions: Specifies initial and additional capital contribution requirements
8. Allocations and Distributions: Explains how profits, losses, and distributions are handled
9. Management and Voting: Establishes management structure and voting rights
10. Meetings and Records: Requirements for member meetings and record-keeping
11. Transfer Restrictions: Rules regarding transfer of membership interests
12. Withdrawal and Dissolution: Procedures for member withdrawal and LLC dissolution
13. Amendment Process: Process for modifying the operating agreement
14. General Provisions: Includes standard legal provisions like governing law and notices
1. Tax Matters: Detailed tax elections and procedures, used when special tax treatment is desired
2. Buy-Sell Provisions: Detailed procedures for buying/selling interests, used when members want specific exit mechanisms
3. Special Allocations: Complex allocation provisions, used when distributions differ from ownership percentages
4. Employee Matters: Employment policies and procedures, used when LLC will have employees
5. Intellectual Property: IP ownership and protection, used when LLC develops or uses significant IP
6. Confidentiality: Detailed confidentiality provisions, used when protecting sensitive information is crucial
7. Non-Compete Provisions: Restrictions on competitive activities, used when protecting business interests from member competition
8. International Operations: Provisions for international business, used when LLC operates across borders
1. Schedule A - Member Information: Detailed member information including contact details and initial capital contributions
2. Schedule B - Initial Capital Contributions: Itemized list of all initial capital contributions and their agreed values
3. Schedule C - Membership Interests: Current ownership percentages and classes of membership interests
4. Schedule D - Management Structure: Organizational chart and management responsibilities
5. Schedule E - Special Tax Provisions: Detailed tax elections and special allocation provisions
6. Appendix 1 - Financial Procedures: Detailed accounting methods and financial reporting requirements
7. Appendix 2 - Voting Procedures: Detailed voting and meeting procedures
8. Appendix 3 - Approved Transfer Procedures: Forms and procedures for transferring membership interests
Authors
Additional Capital Contribution
Adjusted Capital Account
Affiliate
Agreement
Articles of Organization
Assignee
Bankruptcy
Business Day
Capital Account
Capital Contribution
Certificate of Formation
Code
Company
Company Property
Confidential Information
Default
Defaulting Member
Disability
Dissolution Event
Distribution
Economic Interest
Effective Date
Fiscal Year
GAAP
Gross Asset Value
Initial Capital Contribution
Interest
LLC
Majority in Interest
Manager
Managing Member
Member
Membership Interest
Net Income
Net Loss
Non-Managing Member
Operating Agreement
Percentage Interest
Person
Principal Office
Profits and Losses
Registered Office
Related Party
Required Interest
State
Super Majority
Tax Matters Partner
Transfer
Treasury Regulations
Units
Voting Interest
Withdrawal
Purpose
Capital Contribution
Membership Interest
Management Rights
Voting Rights
Distribution
Transfer Restriction
Right of First Refusal
Tag-Along Rights
Drag-Along Rights
Confidentiality
Non-Competition
Non-Solicitation
Intellectual Property
Financial Records
Tax Matters
Indemnification
Dissolution
Withdrawal
Removal
Death or Disability
Dispute Resolution
Amendment
Assignment
Notices
Governing Law
Severability
Entire Agreement
Force Majeure
Meeting Procedures
Quorum Requirements
Officer Appointment
Books and Records
Business Operations
Asset Management
Profit and Loss Allocation
Buy-Sell Provisions
Member Admission
Termination
Representations and Warranties
Technology
Real Estate
Professional Services
Retail
Manufacturing
Healthcare
Construction
Hospitality
Financial Services
Entertainment
Consulting
E-commerce
Agriculture
Education
Transportation
Legal
Corporate Governance
Executive Leadership
Finance
Compliance
Operations
Risk Management
Corporate Affairs
Business Development
Administration
Chief Executive Officer
Chief Financial Officer
Chief Legal Officer
General Counsel
Corporate Attorney
Business Development Manager
Company Secretary
Managing Director
Chief Operating Officer
Compliance Officer
Corporate Governance Manager
Business Owner
Managing Partner
LLC Member
Board Member
Operations Manager
Risk Manager
Legal Counsel
Finance Director
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