Operating Agreement Template Guide
Summary
An operating agreement for ABC LLC in North Carolina should include the company name, principal place of business, purpose, member names, management structure, capital contributions, profit and loss allocation, voting rights, meeting procedures, transfer of membership interests, and dissolution procedures. The LLC is member-managed with James as the manager, and its primary business is investing in XYZ LLC. Each member has one vote, and decisions require a majority vote. Regular meetings are held, and a quorum requires a majority of members. Transfer of interests requires majority consent, and dissolution requires a unanimous vote. Upon dissolution, assets are distributed to settle liabilities, with remaining assets distributed according to capital contributions.Full Conversation
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Operating Agreement of ABC LLC
State of North Carolina
This Operating Agreement of ABC LLC, a North Carolina Limited Liability Company, is entered into and shall be effective as of the date of the filing of the Articles of Organization with the North Carolina Secretary of State.
Article I: Company Name and Principal Place of Business
- The name of the company is ABC LLC.
- Principal place of business: [Insert Address]
Article II: Purpose
- The purpose of the LLC is to invest in XYZ LLC, which has acquired * acres of land.
Article III: Members
- The LLC has five members: [Member *], [Member *], [Member *], [Member *], [Member *].
Article IV: Management Structure
- The LLC is member-managed.
- James is appointed as the manager.
Article V: Capital Contributions
- Each member's initial capital contribution: [Detail Contributions]
Article VI: Allocation of Profits and Losses
- Profits and losses will be allocated in proportion to each member's capital contribution.
Article VII: Voting Rights
- Each member will have one vote.
- Decisions require a majority vote.
Article VIII:Meetings and Voting Procedures
- Regular meetings will be held [Insert Frequency].
- A quorum requires the presence of a majority of members.
Article IX: Transfer of Membership Interests
- Members must obtain written consent from the majority before transferring interests.
Article X: Dissolution Procedures
- The LLC may be dissolved by a unanimous vote of the members.
- Upon dissolution, assets will be distributed to settle liabilities, and any remaining assets will be distributed to members according to their capital contributions.
Signatures
- Each member will sign and date this agreement, indicating their acceptance of its terms.
[Name], Manager
[Date]
[Name], Member
[Date]
[Name], Member
[Date]
[Name], Member
[Date]
[Name], Member
[Date]
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