California Unit Operating Agreement

• Category: Oil Gas and Minerals - Agreements
• State: Multi-State
• Control #: US-OG-761
• Format: Word; Rich Text

Description

This agreement form is used when the Parties, as Working Interest Owners, have executed an agreement which provides for a separate agreement by the Working Interest Owners to provide for Unit Operations as defined in the Unit Agreement. A California Unit Operating Agreement, also known as a California LLC Operating Agreement or LLC Agreement, is a legally binding document that outlines the rights, responsibilities, and operating procedures of the members of a limited liability company (LLC) in the state of California. It serves as a foundational contract between the LLC members and governs the internal operations of the LLC. In California, there are several types of Unit Operating Agreements, each tailored to meet the specific needs and goals of different LCS. Some common types include: 1. Single-Member Operating Agreement: This type of agreement is designed for LCS with a single member or owner. It outlines the member's rights, duties, and responsibilities, along with provisions related to the management and operation of the LLC. 2. Multi-Member Operating Agreement: This agreement is suitable for LCS having multiple members. It establishes the rights, powers, and obligations of each member, as well as procedures for decision-making, profit distribution, and dispute resolution. 3. Manager-Managed Operating Agreement: In cases where an LLC appoints managers to oversee the day-to-day operations, a manager-managed operating agreement is utilized. This agreement outlines the authority and responsibilities of the managers, the role of members, and the decision-making process within the LLC. 4. Member-Managed Operating Agreement: This type of agreement is applicable when all members of the LLC actively participate in the management and decision-making processes. It defines the rights and duties of each member, establishes the voting rights and procedures, and sets forth the rules for profit distribution. 5. Series Operating Agreement: California also allows for the creation of series LCS, in which separate series or divisions operate with limited liability. A series operating agreement is used to govern the operations and relationships within each series, while also outlining the overall structure and provisions of the series LLC. The California Unit Operating Agreement typically includes provisions related to the LLC's purpose, member contributions, capital accounts, management structure, decision-making processes, profit and loss allocation, distribution of assets, buyout provisions, dispute resolution, and dissolution procedures. It is highly recommended for all LCS in California to have a comprehensive and written operating agreement to provide clarity and protection for all members involved.

A California Unit Operating Agreement, also known as a California LLC Operating Agreement or LLC Agreement, is a legally binding document that outlines the rights, responsibilities, and operating procedures of the members of a limited liability company (LLC) in the state of California. It serves as a foundational contract between the LLC members and governs the internal operations of the LLC. In California, there are several types of Unit Operating Agreements, each tailored to meet the specific needs and goals of different LCS. Some common types include: 1. Single-Member Operating Agreement: This type of agreement is designed for LCS with a single member or owner. It outlines the member's rights, duties, and responsibilities, along with provisions related to the management and operation of the LLC. 2. Multi-Member Operating Agreement: This agreement is suitable for LCS having multiple members. It establishes the rights, powers, and obligations of each member, as well as procedures for decision-making, profit distribution, and dispute resolution. 3. Manager-Managed Operating Agreement: In cases where an LLC appoints managers to oversee the day-to-day operations, a manager-managed operating agreement is utilized. This agreement outlines the authority and responsibilities of the managers, the role of members, and the decision-making process within the LLC. 4. Member-Managed Operating Agreement: This type of agreement is applicable when all members of the LLC actively participate in the management and decision-making processes. It defines the rights and duties of each member, establishes the voting rights and procedures, and sets forth the rules for profit distribution. 5. Series Operating Agreement: California also allows for the creation of series LCS, in which separate series or divisions operate with limited liability. A series operating agreement is used to govern the operations and relationships within each series, while also outlining the overall structure and provisions of the series LLC. The California Unit Operating Agreement typically includes provisions related to the LLC's purpose, member contributions, capital accounts, management structure, decision-making processes, profit and loss allocation, distribution of assets, buyout provisions, dispute resolution, and dissolution procedures. It is highly recommended for all LCS in California to have a comprehensive and written operating agreement to provide clarity and protection for all members involved.