Virginia Sample Limited Liability Company LLC Operating Agreement with Capital Contributions determining interest shares

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Multi-State
Control #:
US-0688-WG
Format:
Word; 
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Description

A Limited Liability Company (LLC) is a separate legal entity that can conduct business just like a corporation with many of the advantages of a partnership. It is taxed as a partnership. Its owners are called members and receive income from the LLC just as a partner would. There is no tax on the LLC entity itself. The members are not personally liable for the debts and obligations of the entity like partners would be. Basically, an LLC combines the tax advantages of a partnership with the limited liability feature of a corporation.


An LLC is formed by filing articles of organization with the secretary of state in the same type manner that articles of incorporation are filed. The articles must contain the name, purpose, duration, registered agent, and principle office of the LLC. The name of the LLC must contain the words Limited Liability Company or LLC. An LLC is a separate legal entity like a corporation.


Management of an LLC is vested in its members. An operating agreement is executed by the members and operates much the same way a partnership agreement operates. Profits and losses are shared according to the terms of the operating agreement.

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  • Preview Sample Limited Liability Company LLC Operating Agreement with Capital Contributions determining interest shares
  • Preview Sample Limited Liability Company LLC Operating Agreement with Capital Contributions determining interest shares
  • Preview Sample Limited Liability Company LLC Operating Agreement with Capital Contributions determining interest shares
  • Preview Sample Limited Liability Company LLC Operating Agreement with Capital Contributions determining interest shares
  • Preview Sample Limited Liability Company LLC Operating Agreement with Capital Contributions determining interest shares
  • Preview Sample Limited Liability Company LLC Operating Agreement with Capital Contributions determining interest shares
  • Preview Sample Limited Liability Company LLC Operating Agreement with Capital Contributions determining interest shares
  • Preview Sample Limited Liability Company LLC Operating Agreement with Capital Contributions determining interest shares
  • Preview Sample Limited Liability Company LLC Operating Agreement with Capital Contributions determining interest shares

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FAQ

Our LLC capital contribution agreement documents the following essential information:Name of each member making a contribution.The valuation of previous membership interests.Each member's previous percentage of LLC ownership.The date contributions are being made.The LLC name.The LLC date and state of formation.More items...

An operating agreement is a key document used by LLCs because it outlines the business' financial and functional decisions including rules, regulations and provisions. The purpose of the document is to govern the internal operations of the business in a way that suits the specific needs of the business owners.

The form and contents of operating agreements vary widely, but most will contain six key sections: Organization, Management and Voting, Capital Contributions, Distributions, Membership Changes, and Dissolution.

What should an LLC operating agreement include?Basic company information.Member and manager information.Additional provisions.Protect your LLC status.Customize the division of business profits.Prevent conflicts among owners.Customize your governing rules.Clarify the business's future.

All LLC's should have an operating agreement, a document that describes the operations of the LLC and sets forth the agreements between the members (owners) of the business. An operating agreement is similar to the bylaws that guide a corporation's board of directors and a partnership agreement.

The most commonly recommended approach to sharing equity in an LLC is to share "profits interests." A profits interest is analogous to a stock appreciation right. It is not literally a profit share, but rather a share of the increase in the value of the LLC over a stated period of time.

Get together with your co-owners and a lawyer, if you think you should (it's never a bad idea), and figure out what you want to cover in your agreement. Then, to create an LLC operating agreement yourself, all you need to do is answer a few simple questions and make sure everyone signs it to make it legal.

10 Must Haves in an LLC Operating Agreement Member Financial Interest. What percentage ownership does each member have? Corporate Governance. Corporate Officer's Power and Compensation. Non-Compete. Books and Records Audit. Arbitration/Forum Selection. Departure of Members. Fiduciary duties.More items...

A transferable interest is defined in the New Act as The right, as initially owned by a person in the person's capacity as a member, to receive distributions from a limited liability company, whether or not the person remains a member or continues to own any part of the right.

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Virginia Sample Limited Liability Company LLC Operating Agreement with Capital Contributions determining interest shares