Operating Agreement Template - Manager-Managed Limited Liability Company
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36DISCLAIMER
THE FOLLOWING FORM OF OPERATING AGREEMENT HAS BEEN
PREPARED BY AN ATTORNEY LICENSED TO PRACTICE LAW IN CALIFORNIA.
THE PROVISIONS CONFORM TO THE LAWS OF THE STATE OF CALIFORNIA
AND MAY BE USED AS A REFERENCE IN PREPARING AN OPERATING
AGREEMENT FOR A MANAGER-MANAGED LIMITED LIABILITY COMPANY
(“LLC”) FORMED UNDER CALIFORNIA LAW. IT MAY ALSO BE ADAPTED TO
SERVE AS AN OPERATING AGREEMENT FOR A MEMBERS-MANAGED LLC BY
MODIFYING AS NECESSARY THE PROVISIONS RELATING TO THE MANAGER
TO VEST MANAGERIAL POWERS IN THE MEMBERS, AND OMITTING THE
PROVISIONS RELATING TO APPOINTMENT, REMOVAL, AND POWERS OF A
MANAGER. SUNDOC MAKES NO REPRESENTATION THAT THIS FORM
OPERATING AGREEMENT COMPLIES WITH THE LEGAL REQUIREMENTS OF
ANY JURISDICTION OTHER THAN THE STATE OF CALIFORNIA.
SUBJECT
TO
CALIFORNIA
LAW,
AN
OPERATING
AGREEMENT
GOVERNS: RELATIONS AMONG THE MEMBERS OF THE LLC; RELATIONS
BETWEEN THE MEMBERS AND THE LLC ITSELF; THE RIGHTS AND DUTIES OF
THE MANAGER (IF ANY) OF THE LLC; THE ACTIVITIES OF THE LLC AND THE
CONDUCT OF THOSE ACTIVITIES; AND THE MEANS FOR AMENDING THE
OPERATING AGREEMENT.
NO SINGLE FORM OF OPERATING AGREEMENT CAN SERVE ALL LLC’S
BECAUSE LLC’S DIFFER FROM ONE ANOTHER IN THE NUMBER AND
COMPOSITION OF THEIR MEMBERS, THE DUTIES AND RESPONSIBILITIES OF
THE MANAGER (IF ANY), AND THE PURPOSE FOR WHICH THE LLC HAS BEEN
FORMED.
FOR
THAT
REASON,
USERS
OF
THE
FOLLOWING
OPERATING
AGREEMENT SHOULD CONSULT AN ATTORNEY TO DETERMINE WHAT
PROVISIONS THEY MAY WISH TO ADD, REVISE OR DELETE ENTIRELY.
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