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Joint Venture LLC Operating Agreement
"I need a Joint Venture LLC Operating Agreement for a technology partnership between my software company and a hardware manufacturer, with specific provisions for IP sharing and a 60-40 profit split, to be effective from March 2025."
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1. Parties: Identification and details of all joint venture participants
2. Background: Context and purpose of the joint venture
3. Definitions: Key terms used throughout the agreement
4. Business of the Company: Scope and nature of joint venture activities
5. Capital Contributions: Initial and subsequent funding arrangements
6. Management Structure: Governance framework and decision-making processes
7. Members' Rights and Obligations: Core responsibilities and entitlements of participants
8. Profit Distribution: Rules for sharing profits and losses
9. Transfer of Interests: Procedures for transferring ownership stakes
10. Termination: Exit mechanisms and wind-up procedures
1. Intellectual Property Rights: IP ownership and licensing arrangements when JV involves creation or use of intellectual property
2. Non-Compete Provisions: Restrictions on competitive activities when protecting market position is crucial
3. Additional Funding: