This sample Operating Agreement describes the rules by which the Members agree to govern the company. Modify to suit your needs.
The Glendale Arizona Sample Operating Agreement for Professional Limited Liability Company (LLC) establishes the legal framework for a professional service business in Glendale, Arizona. This agreement outlines the internal operations, ownership structure, and decision-making processes of the LLC. Here is a detailed description of what this agreement entails and its key components: 1. Formation and Purpose: This section identifies the parties involved in establishing the LLC, their professional practices, and the purpose for which the company is formed. It outlines the commitment to provide professional services, such as legal, medical, or accounting, and ensures compliance with the Arizona LLC Act. 2. Name and Principal Office: The agreement specifies the official name of the LLC and its principal office address in Glendale, Arizona. This ensures the business has a recognizable identity and identifies the primary location where business operations will be conducted. 3. Duration: This section outlines the intended duration of the LLC, stating whether it is formed for a specific period or will continue indefinitely. It may include provisions for dissolution or extension of the company's existence. 4. Capital Contributions: The agreement outlines the capital contributions made by each member to establish and operate the LLC. It specifies the amount and type of contribution, whether cash, property, or services, as well as any agreed-upon terms regarding additional capital contributions. 5. Membership and Ownership: This section identifies the initial members of the LLC and their ownership percentages or units. It may also outline the process for admitting and withdrawing members, along with the procedures for transferring ownership interests to ensure compliance with professional regulations. 6. Management and Voting: The agreement details the management structure of the LLC, such as designating a manager or establishing a member-managed structure. It outlines the decision-making powers, voting rights, and procedures for voting on key matters affecting the company's operations. 7. Profit and Loss Allocation: This section explains how profits and losses will be allocated among the members. It may be based on ownership percentages or another agreed-upon allocation method, ensuring fair distribution of the LLC's financial outcomes. 8. Distributions and Reserves: The agreement defines the distribution policy and frequency of profit distributions to members. It may also establish guidelines for creating reserves or retaining earnings to meet future business needs. 9. Dissolution and Termination: This section outlines the circumstances under which the LLC may be dissolved or terminated, such as expiration of the agreed-upon duration, withdrawal or death of a member, or occurrence of any triggering events specified in the agreement. Different types of Glendale Arizona Sample Operating Agreement for Professional Limited Liability Company (LLC) may exist based on specific professions or industries. For example, there could be sample operating agreements tailored for legal PLL Cs, medical PLL Cs, or accounting PLL Cs. Each type may have certain provisions and considerations unique to the respective profession or industry, thereby catering to the specific needs and regulations governing those professions in Glendale, Arizona.The Glendale Arizona Sample Operating Agreement for Professional Limited Liability Company (LLC) establishes the legal framework for a professional service business in Glendale, Arizona. This agreement outlines the internal operations, ownership structure, and decision-making processes of the LLC. Here is a detailed description of what this agreement entails and its key components: 1. Formation and Purpose: This section identifies the parties involved in establishing the LLC, their professional practices, and the purpose for which the company is formed. It outlines the commitment to provide professional services, such as legal, medical, or accounting, and ensures compliance with the Arizona LLC Act. 2. Name and Principal Office: The agreement specifies the official name of the LLC and its principal office address in Glendale, Arizona. This ensures the business has a recognizable identity and identifies the primary location where business operations will be conducted. 3. Duration: This section outlines the intended duration of the LLC, stating whether it is formed for a specific period or will continue indefinitely. It may include provisions for dissolution or extension of the company's existence. 4. Capital Contributions: The agreement outlines the capital contributions made by each member to establish and operate the LLC. It specifies the amount and type of contribution, whether cash, property, or services, as well as any agreed-upon terms regarding additional capital contributions. 5. Membership and Ownership: This section identifies the initial members of the LLC and their ownership percentages or units. It may also outline the process for admitting and withdrawing members, along with the procedures for transferring ownership interests to ensure compliance with professional regulations. 6. Management and Voting: The agreement details the management structure of the LLC, such as designating a manager or establishing a member-managed structure. It outlines the decision-making powers, voting rights, and procedures for voting on key matters affecting the company's operations. 7. Profit and Loss Allocation: This section explains how profits and losses will be allocated among the members. It may be based on ownership percentages or another agreed-upon allocation method, ensuring fair distribution of the LLC's financial outcomes. 8. Distributions and Reserves: The agreement defines the distribution policy and frequency of profit distributions to members. It may also establish guidelines for creating reserves or retaining earnings to meet future business needs. 9. Dissolution and Termination: This section outlines the circumstances under which the LLC may be dissolved or terminated, such as expiration of the agreed-upon duration, withdrawal or death of a member, or occurrence of any triggering events specified in the agreement. Different types of Glendale Arizona Sample Operating Agreement for Professional Limited Liability Company (LLC) may exist based on specific professions or industries. For example, there could be sample operating agreements tailored for legal PLL Cs, medical PLL Cs, or accounting PLL Cs. Each type may have certain provisions and considerations unique to the respective profession or industry, thereby catering to the specific needs and regulations governing those professions in Glendale, Arizona.
