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FORM 3.3 — Operating Agreement for LLC Engaged in Professional Practice |
Price: $50.00
Revised: January 1, 2010 - 32 pages
Description:
Form 3.3 is an operating agreement for a limited liability company that will engage in the practice of law, accounting, medicine, engineering, architecture, or another profession. The form contemplates that the LLC will be member managed but that a managing member will be elected from time to time to deal with the day-to-day business affairs of the LLC. The form provides that the profit shares of the members will be determined annually and deals specifically with the obligations of the members to work for the LLC, including provisions for vacations, sick leave, and professional activities.
Features:
Buy-sell provisions, redemption - Operating agreement provides for purchase of a dissociated member's interest by the LLC if the other members elect to continue the LLC.
Buy-sell provisions, purchase price - Operating agreement provides that the purchase price of a member's interest is based upon book value, but the purchase price is greater if the member dies, retires, or becomes disabled than if the member's interest is purchased for another reason.
Dissociation - Operating agreement provides that the withdrawal, death, or disability of a member causes a dissolution unless the other members elect to continue the LLC and cause the LLC to purchase the dissociated member's interest.
Distributions, required - Operating agreement requires the distribution of excess cash annually.
Management - Operating agreement for member managed LLC with provision for the annual election of a managing member who is responsible for the day-to-day management of the LLC.
Members, compensation - Operating agreement provides that members are to be paid salaries, which are determined annually by vote of the members.
Members, meetings - Operating agreement contemplates that frequent, and relatively informal, member meetings will be held
Members, percentage interests - Operating agreement provides that members' percentage interests in profits and losses are to be determined annually by a vote of the members.
Members, vacations and sick leave - Operating agreement spells out members' rights to vacations and sick leave and provides for the consequences of excess absences.
Members, voting rights - Operating agreement provides that member voting is on per capita basis, with each member having an equal vote regardless of the member's percentage interest.
Transfer restrictions - Operating agreement for LLC engaged in professional practice prohibits all transfers of members' interests.
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| WORD FORMAT |
Form ID: 3003-DOC
Title: Operating Agreement for LLC Engaged in Professional Practice
Price: $50.00 |
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| RTF FORMAT |
Form ID: 3003-RTF
Title: Operating Agreement for LLC Engaged in Professional Practice
Price: $50.00 |
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