Oklahoma Operating Agreement for Member Managed Limited Liability Company - Long Form

• Category: Limited Liability Company - Operating Agreements
• State: Multi-State
• Control #: US-0336BG
• Format: Word; Rich Text

Description

This is a long form operating agreement for a member managed liability company. An Oklahoma Operating Agreement for Member Managed Limited Liability Company — Long Form, also known as a member-managed LLC agreement, is a legally binding document that outlines the rights, responsibilities, and operating procedures for a limited liability company (LLC) with multiple members in Oklahoma. It establishes the rules and policies that govern the LLC's day-to-day operations, decision-making process, profit distribution, and the relationship between members. This type of agreement typically covers various important aspects, including the following: 1. Formation and Purpose: The agreement begins by outlining the members' intentions to form an LLC and specifies the purpose for which it is established. This section may also include the duration of the LLC if not perpetual. 2. Definitions and Interpretations: To ensure clarity, the agreement defines specific terms and phrases that will be used throughout the document. 3. Membership and Capital Contributions: This section details the process for admitting new members, their capital contribution obligations, and the consequences of failing to fulfill these obligations. It may also address the transferability of membership interests and any restrictions associated with it. 4. Management and Decision-Making: As a member-managed LLC, decision-making authority typically rests with all members unless otherwise stated. The agreement specifies how decisions are to be made, including voting rights, quorum requirements, and the procedures for calling meetings. It may also establish the roles and duties of members in managing the LLC's affairs. 5. Allocation of Profits and Losses: The agreement typically describes how profits and losses will be distributed among the members. This can be based on their capital contributions, ownership percentages, or a different agreed-upon formula. 6. Withdrawal and Dissolution: This section outlines the conditions and procedures for a member to voluntarily withdraw from the LLC and may also cover involuntary withdrawal events. Additionally, it addresses the process for dissolving the LLC and distributing remaining assets in the event of termination. 7. Dispute Resolution: To prevent or resolve disputes among members, the agreement may include provisions for arbitration or mediation, potentially reducing the need for costly litigation. It is important to note that variations of the Long Form operating agreement may exist, tailored for different types of businesses or industries. These may include specialized provisions, such as specific buyout terms, industry-specific regulations, or additional clauses to address particular business needs. However, the core structure and content of the agreement often remain consistent. In summary, an Oklahoma Operating Agreement for Member Managed Limited Liability Company — Long Form is a comprehensive legal document that serves as the foundation for managing the operations, membership structure, decision-making process, and other essential aspects of an LLC comprised of multiple members in Oklahoma.

An Oklahoma Operating Agreement for Member Managed Limited Liability Company — Long Form, also known as a member-managed LLC agreement, is a legally binding document that outlines the rights, responsibilities, and operating procedures for a limited liability company (LLC) with multiple members in Oklahoma. It establishes the rules and policies that govern the LLC's day-to-day operations, decision-making process, profit distribution, and the relationship between members. This type of agreement typically covers various important aspects, including the following: 1. Formation and Purpose: The agreement begins by outlining the members' intentions to form an LLC and specifies the purpose for which it is established. This section may also include the duration of the LLC if not perpetual. 2. Definitions and Interpretations: To ensure clarity, the agreement defines specific terms and phrases that will be used throughout the document. 3. Membership and Capital Contributions: This section details the process for admitting new members, their capital contribution obligations, and the consequences of failing to fulfill these obligations. It may also address the transferability of membership interests and any restrictions associated with it. 4. Management and Decision-Making: As a member-managed LLC, decision-making authority typically rests with all members unless otherwise stated. The agreement specifies how decisions are to be made, including voting rights, quorum requirements, and the procedures for calling meetings. It may also establish the roles and duties of members in managing the LLC's affairs. 5. Allocation of Profits and Losses: The agreement typically describes how profits and losses will be distributed among the members. This can be based on their capital contributions, ownership percentages, or a different agreed-upon formula. 6. Withdrawal and Dissolution: This section outlines the conditions and procedures for a member to voluntarily withdraw from the LLC and may also cover involuntary withdrawal events. Additionally, it addresses the process for dissolving the LLC and distributing remaining assets in the event of termination. 7. Dispute Resolution: To prevent or resolve disputes among members, the agreement may include provisions for arbitration or mediation, potentially reducing the need for costly litigation. It is important to note that variations of the Long Form operating agreement may exist, tailored for different types of businesses or industries. These may include specialized provisions, such as specific buyout terms, industry-specific regulations, or additional clauses to address particular business needs. However, the core structure and content of the agreement often remain consistent. In summary, an Oklahoma Operating Agreement for Member Managed Limited Liability Company — Long Form is a comprehensive legal document that serves as the foundation for managing the operations, membership structure, decision-making process, and other essential aspects of an LLC comprised of multiple members in Oklahoma.