LLC Operating Agreement

LLC Operating Agreement

Submitted by rebecca82 on

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It's a pretty basic procedure to set up an LLC in Illinois.  All you have to do is fill out a one page form and send it in along with the fee, and then wait for 2 months.  Once you've formed the LLC, you will need to adopt an operating agreement.  An operating agreement for an LLC is similar to the bylaws for a corporation.  However, the LLC operating agreement is very flexible, and there are many terms that can be added to make the operating agreement unique.  The general idea is that the operating agreement serves as a "contract" between members, rather than as a corporate governance document. The LLC operating agreement will bind the members who execute it like any other contract.  

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                                                       OPERATING AGREEMENT

                                                                            OF

                                                             XYZ Company, LLC,

                                    A TEXAS LIMITED LIABILITY COMPANY

 

This Operating Agreement ("Agreement") is made and entered into as of the 1 day of [date], by and among the undersigned Members of XYZ Company, LLC pursuant to Texas Corporations Code Section 17000 et seq.

 

                                                                     SECTION I

                                                     FORMATION AND OFFICES

 

1.1       Formation.  Pursuant to Texas’s Beverly-Killea Limited Liability Company Act, the Members have formed a Texas limited liability company effective upon the filing of the Articles of the Company with the Texas Secretary of State with the express business purposes as therein set forth.  The Members shall immediately, and from time to time hereafter, as may be required by law, execute all amendments of the Articles, and do all filing, recording and other acts as may be appropriate under the Act.

 

1.2       Principal Office.  The principal office of the Company shall be located at _________________________________________________, or at such other place as the Manager (hereinafter defined) may determine from time to time.

 

1.3       Registered Office and Registered Agent.  The location of the registered office and the name of the resident agent of the Company in the State of Texas shall be as stated in the Articles, or as shall be determined from time to time by the Manager.

 

                                                                    SECTION II

                                                                  DEFINITIONS

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