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FORM 3.1 — Operating Agreement for Husband and Wife LLC |
Price: $30.00
Revised: October 1, 2009 - 18 pages
Description:
Form 3.1 is an operating agreement designed for use by a limited liability company whose only members are husband and wife. This form is designed to be as simple as possible and omits many provisions that are typically included in operating agreements for LLCs with members who are unrelated. The form contemplates that the LLC will be member managed and is appropriate for use for an LLC formed by spouses to acquire and hold investment real estate or to operate a business in which both spouses participate. In most states, an LLC is member managed unless an election to be managed by managers is made in the LLC's article of organization.
Features:
Buy-sell provisions - Operating agreement contains no buy-sell provisions, leaving the issue of transfers of interests to the agreement of the members and providing that there is no obligation to purchase a member's interest on dissociation. * Dissociation, effect - Operating agreement provides that the death or disability of a member does not cause a dissolution of the LLC.
Distributions, required - Operating agreement does not require that any distributions be made, except liquidating distributions.
Management - Operating agreement for member managed LLC.
Members, percentage interests - Operating agreement provides that members' percentage interests are proportionate to their capital contributions.
Members, voting rights - Operating agreement provides that members are entitled to vote in proportion to their percentage interests.
Profits and losses - Operating agreement provides that profits and losses of the LLC are allocated between the members based upon their percentage interests, which are proportionate to capital contributions.
Transfer restrictions - Operating agreement contains no restrictions on the transfer of members' interests, but a transferee acquires the management rights associated with an interest only if the transferee is accepted as a substituted member with the consent of the other member.
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| WORD FORMAT |
Form ID: 3001-DOC
Title: Operating Agreement for Husband and Wife LLC
Price: $30.00 |
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| RTF FORMAT |
Form ID: 3001-RTF
Title: Operating Agreement for Husband and Wife LLC
Price: $30.00 |
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