The Limited Liability Company Agreement is essential for any business forming an LLC in the United States. This document should be created at the time of LLC formation and serves multiple crucial purposes: it defines the financial and functional relations among members, establishes management structures, outlines capital requirements, and sets procedures for various business scenarios. While some states don't legally require an LLC Agreement, having one is considered best practice as it provides clarity and protection for all parties involved. The agreement helps prevent disputes by clearly defining roles and responsibilities, while also providing mechanisms for resolving disagreements when they arise. It's particularly important for multi-member LLCs but can also be valuable for single-member LLCs, especially for maintaining liability protection and establishing succession plans.
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1. Parties: Identifies all members of the LLC and their contact information
2. Background/Recitals: States the purpose of forming the LLC and basic intentions of the parties
3. Definitions: Defines key terms used throughout the agreement
4. Formation: Details about LLC formation, registered office, and registered agent
5. Capital Contributions: Specifies initial and additional capital contributions by members
6. Membership Interests: Defines ownership percentages and classes of interests
7. Management: Describes management structure and decision-making processes
8. Distributions: Details how and when profits will be distributed
9. Transfer Restrictions: Rules regarding transfer of membership interests
10. Dissolution: Conditions and procedures for LLC dissolution
1. Tag-Along Rights: Minority member protection rights allowing them to join in sale of majority interests
2. Drag-Along Rights: Majority member rights to force minority members to join in sale of the company
3. Special Purpose Provisions: Industry-specific requirements and compliance provisions for regulated industries
4. Employee Matters: Employment policies, procedures, and management structure for LLCs with employees
1. Schedule A - Members and Capital Contributions: Detailed list of members and their initial capital contributions
2. Schedule B - Membership Interests: Detailed breakdown of ownership percentages and classes of interests
3. Schedule C - Valuation Method: Agreed method for valuing membership interests for various transfer events
4. Appendix A - Form of Transfer Agreement: Template agreement for transferring membership interests
5. Appendix B - Management Procedures: Detailed management and voting procedures for the LLC
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