Template Operating Agreement: Worker Cooperative Llc With A Permanent Capital Member
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26Template Operating Agreement:
Worker Cooperative LLC with a Permanent Capital Member
Template Created December 29, 2014
Section 1.
Formation .................................................................................................................. 1
1.1
Formation of Company. ................................................................................................... 1
1.2
Name. ............................................................................................................................... 1
1.3
Purpose and Scope. .......................................................................................................... 1
1.4
Term. ................................................................................................................................ 1
1.5
Office; Agent. ................................................................................................................... 1
Section 2.
Members, Management............................................................................................. 1
2.1
Types of Members. ........................................................................................................... 1
2.2
Initial Members; Admission of New Members; Promotion to Active Member;
Automatic Removal. ................................................................................................................... 2
2.3
Management by Active and Provisional Members. ......................................................... 3
2.4
Binding Action. ................................................................................................................ 4
2.5
Voluntary Withdrawal; Mandatory Withdrawal. ............................................................. 4
2.6
Deceased or Incompetent Member. .................................................................................. 4
2.8
Transfers of Interests. ....................................................................................................... 5
2.9
Other Activities. ............................................................................................................... 5
2.10
Confidentiality. ............................................................................................................. 5
Section 3.
Meetings of Active Members.................................................................................... 5
3.1
Place of Meetings. ............................................................................................................ 5
3.2
Types of Members at Meetings. ....................................................................................... 5
3.3
Regular Meetings. ............................................................................................................ 6
3.4
Special Meetings. ............................................................................................................. 6
3.5
Notice of Meetings. .......................................................................................................... 6
3.6
Telephonic Meetings. ....................................................................................................... 6
3.7
No Proxies. ....................................................................................................................... 6
Section 4.
Capital Accounts; Distributions of Cash; Investments. ............................................ 6
4.1
Individual Capital Accounts. ............................................................................................ 6
4.2
Permanent Capital Account. ............................................................................................. 7
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Parent category: Business