EXAMPLE ONLY - 50 States Available!
Enclosed you will find all of the forms and materials that you will need to establish your business as a Limited Liability Company. Follow the instructions carefully and familiarize yourself with the Operating Agreement so that you will be able to stay in compliance with the law as you run your business.
This kit and the Operating Agreement are drafted to create what is referred to in the industry as a "bulletproof limited liability company." It conforms with state and federal laws so that the limited liability company will receive the beneficial tax treatment of a partnership and avoid the potential "double taxation" of a corporation while, at the same time, extending corporate liability protection to its members."
B. Fill out the LLC-1 line by line as instructed below.
Line 1: Enter the name of the limited liability company. The name must end with "LLC (no periods) or "Limited Liability Company."
Warning ! All documents connected with the business must now indicate that the company is an LLC. Checking accounts, letterhead, business cards etc. are included so that anyone doing business with the company will know that they are dealing with an LLC.
TABLE OF CONTENTS
ARTICLE I ORGANIZATION ....................................................... 1 .01 Formation of Limited Liability Company ...................... 1 .02 Name ........................................................ 1 .03 Principal Office, Registered Office and Registered Agent .... 1 .04 Purpose ..................................................... 2 .05 Fiscal Years ................................................ 2 .06 Term ........................................................ 2 ARTICLE II GENERAL DEFINITIONS ................................................ 2 .01 Act ......................................................... 2 .02 Affiliate of a Member ....................................... 2 .03 Agreement ................................................... 2 .04 Bankrupt .................................................... 2 .05 Bankruptcy Code ............................................. 3 .06 Cash Flow ................................................... 3 .07 Code ........................................................ 3 .08 Company ..................................................... 3 .09 Members ..................................................... 3 .10 Membership in Interest ...................................... 4 .11 Property .................................................... 4 ARTICLE III CAPITAL CONTRIBUTIONS AND CAPITAL ACCOUNTS ........................ 4 .01 Capital Contributions ....................................... 4 .02 Capital Accounts ............................................ 4 .03 Limited Liability ........................................... 4 .04 No Interest on or Right to Withdraw Capital Contributions ... 5 ARTICLE IV COMPANY FUNDS ...................................................... 5 ARTICLE V ALLOCATIONS AND DISTRIBUTIONS ...................................... 5 .01 Distributions ............................................... 5 .02 Allocations of Profits and Losses ........................... 5 ARTICLE VI MANAGEMENT: RIGHTS, POWERS AND OBLIGATIONS OF THE MEMBERS ........ 6 .01 Management and Control in General ........................... 6 .02 Employment of Others, Including Affiliates .................. 6 .03 Expenses .................................................... 6 .04 Other Activities ............................................ 7 .05 Title to Property ........................................... 7 .06 Liability of a Member ....................................... 7 .07 Indemnification ............................................. 7 .08 Tax Matters Partner ......................................... 8 ARTICLE VII MEETINGS AND VOTING ................................................ 8 .01 Meetings .................................................... 8 .02 Manner of Acting ............................................ 8 .03 Action by Members ........................................... 8 .04 Waiver of Notice ............................................ 9 ARTICLE VIII TRANSFERS OF MEMBERSHIP INTERESTS; ADMISSION OF NEW MEMBERS; WITHDRAWALS OR RESIGNATION OF A MEMBER ............................. 9 .01 Restrictions on Transfer .................................... 9 .02 Admission of Additional or Substitute Members ............... 9 .03 Substitute or Additional Member ............................. 9 .04 Withdrawal or Resignation of a Member ....................... 10 ARTICLE IX REPORTS AND TAX MATTERS ............................................ 10 .01 Books, Records and Reports .................................. 10 .02 Section 754 Election ........................................ 11 ARTICLE X DISSOLUTION AND TERMINATION ........................................ 11 .01 Dissolution of the Company .................................. 11 .02 Liquidator .................................................. 11 .03 Source of Distributions ..................................... 12 ARTICLE XI MISCELLANEOUS PROVISIONS ........................................... 12 .01 Notices ..................................................... 12 .02 Governing Law ............................................... 12 .03 Successors and Assigns ...................................... 13 .04 Counterparts ................................................ 13 .05 Additional Assurances ....................................... 13 .06 Modification to be in Writing ............................... 13 .07 Partition ................................................... 13 .08 No Waiver ................................................... 14 .09 Gender and Number ........................................... 14 .10 Headings .................................................... 14 .11 Validity and Severability ................................... 14 .12 No Third-Party Rights ....................................... 14 SIGNATURE PAGE ..................................................... 16
EXHIBIT A CAPITAL CONTRIBUTIONS OF MEMBERS AND ADDRESSES OF MEMBERS .......... 17 Summary of the Beverly-Killea Limited Liability Company Act with forms by Bill Jones, Secretary of State Synopsis of SB 469 by Lisa Ann Garrison, Franchise Tax Board and Senate Bill No. 469 (The Limited Liability Company Act)
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Copyright © 2000
Steven E. Davidson (LLCWEB).