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Establishes governance and voting framework for community partners and future members, defines formation, registered office, registered agent, and lawful purpose under applicable LLC law. Provides capital account maintenance, percentage interests, pro rata allocations for accounting and tax, discretionary distributions, withholding obligations, and detailed waterfall allocation of gross receipts, including placeholders and customization guidance for specific community projects.",{"@graph":63,"@context":122},[64,80,101],{"@type":65,"itemListElement":66},"BreadcrumbList",[67,71,74,77],{"item":68,"name":69,"@type":70,"position":9},"https://docshare.wps.com","Home","ListItem",{"item":72,"name":10,"@type":70,"position":73},"https://docshare.wps.com/template/",2,{"item":75,"name":36,"@type":70,"position":76},"https://docshare.wps.com/template/forms/",3,{"item":78,"name":59,"@type":70,"position":79},"https://docshare.wps.com/template/community-ownership-model-limited-liability-company-operating-agreement-template/282067/",4,{"url":78,"name":59,"@type":81,"image":82,"author":87,"headline":59,"publisher":90,"fileFormat":93,"inLanguage":57,"description":61,"dateModified":94,"datePublished":95,"encodingFormat":93,"isAccessibleForFree":96,"interactionStatistic":97},"DigitalDocument",{"url":83,"@type":84,"width":85,"height":86},"https://docshare.wps.com/thumbnails/community-ownership-model-limited-liability-company-operating-agreement-template/282067.png","ImageObject",442,249,{"name":88,"@type":89},"\tCallum ","Person",{"url":68,"name":91,"@type":92},"DocShare","Organization","application/pdf","2026-11-05","2026-09-16",true,{"@type":98,"interactionType":99,"userInteractionCount":8},"InteractionCounter",{"@type":100},"ViewAction",{"@type":102,"mainEntity":103},"FAQPage",[104,110,114,118],{"name":105,"@type":106,"acceptedAnswer":107},"What is the purpose of the LLC Operating Agreement in this template?","Question",{"text":108,"@type":109},"It sets governance and voting rules and defines members’ rights and obligations regarding the LLC’s operation and management and the related community project.","Answer",{"name":111,"@type":106,"acceptedAnswer":112},"How are capital accounts maintained for each member?",{"text":113,"@type":109},"Each member has a separate capital account adjusted for net proceeds distributed under the waterfall, reduced by allocated losses and deductions, reduced by compliant distributions, and otherwise adjusted under applicable tax laws.",{"name":115,"@type":106,"acceptedAnswer":116},"How are allocations and distributions handled?",{"text":117,"@type":109},"Income, gain, loss, deduction, and credits are allocated pro rata by percentage interest (unless unanimous consent or the waterfall applies). Distributions are made at the managers’ discretion and follow the waterfall provisions.",{"name":119,"@type":106,"acceptedAnswer":120},"What does the waterfall allocation of gross receipts cover?",{"text":121,"@type":109},"It defines how continuous and cumulative gross receipts are prioritized for allocation and payment, including project-specific guidance and example splits among community partners and other parties.","https://schema.org",{"og:url":78,"og:type":124,"og:title":59,"og:site_name":91,"og:description":61},"article",{"robots":126,"canonical":78},"index,follow",{"doc_id":128,"site_id":56},282067,1790363537,{"code":4,"msg":5,"data":131},{"doc_id":128,"user_id":132,"nickname":88,"user_avatar":133,"doc_module":9,"category_id":35,"category_name":36,"doc_title":59,"doc_description":61,"doc_content":134,"file_id":135,"file_url":136,"file_type":137,"file_size":138,"view_count":8,"is_deleted":4,"is_public":9,"is_downloadable":9,"audit_status":9,"page_count":139,"language":140,"language_code":57,"site_id":56,"html_lang":57,"table_of_contents":141,"faqs":142,"seo_title":143,"seo_description":61,"update_tm":144,"read_time":47,"preview_page_count":4},137451211410,"https://ap-avatar.wpscdn.com/avatar/2000bb0a9246f588df?x-image-process=image/resize,m_fixed,w_180,h_180&k=1786362646172706240","LIMITED LIABILITY COMPANY  \nOPERATING AGREEMENT  \nOF  \n[NAME OF NEW ENTITY] LLC  \nTHIS LIMITED LIABILITY COMPANY OPERATING AGREEMENT (this“Agreement”), dated as of   ,   (“Effective Date”) [use the date the LLC was formed], is entered into by and among [  list entities/individuals  ] and [  list the designated non-profit representative of the community partners  ] as the designated non-profit representative of the community partners (individually, a “Community Partner,” and collectively “Community Partners”) associated with [ briefly describe project/purpose for LLC  ], and any person or entity who may be later admitted as a member of the Company in accordance with this Agreement, a “Member” and, collectively, the“Members”) (the “Company”) .  \nWHEREAS, the Members formed this Company in order to establish specific governance and voting rules to give community owners and stakeholders of the [project] a voice in the management and operation of the LLC;  \nWHEREAS, the Articles of Organization of the Company were filed with  \n[state/commonwealth] pursuant to [name the applicable state law allowing the creation of LLCs](“Act”) on [date] ;  \nWHEREAS, the Members wish to enter into this Agreement in order to set forth their agreement with respect to the operation and management of the Company and their rights and obligations with respect to the [project] and the Company;  \nNOW, THEREFORE, in consideration of the mutual promises in this Agreement and for other good and valuable consideration, the receipt and sufficiency of which are acknowledged, the Members and the Company agree as follows:  \nARTICLE 1  \nORGANIZATIONAL MATTERS  \n1.1 Formation. The Company, known as [  ] LLC, was organized under the Acton [date] . Except as otherwise provided in this Agreement, the rights and obligations of the Members with respect to the Company will be governed by the Act.  \n1.2 Place of Business. The Company will maintain a registered office in  \n[state/commonwealth] and a registered agent for service of process in [state/commonwealth] as required by the Act.  \n1.3 Purpose. The Company’s purpose is to engage in lawful activities, as permitted under the Act and to [describe project, purpose of LLC, etc.] .  \nARTICLE 2  \nCAPITAL ACCOUNTS  \n2.1 Capital Accounts. A separate capital account (each a “Capital Account” and, collectively, the “Capital Accounts”) will be established and maintained on the books of the Company for each Member. The Capital Account of each Member will be (i) increased by such Member’s share of the Net Proceeds distributed to each Member pursuant to the waterfall provisions set forth in Section 3.5 below; (ii) decreased by such Member’s shares of losses and deductions as determined by the Managers; (iii) decreased by any distributions made by the Company to such Member as long as any such distributions are in accordance with the waterfall provisions in Section 3.5 below, and (iv) otherwise adjusted as required in accordance with applicable tax laws. Any references in any Section of this Agreement to the Capital Account of a Member will be deemed to refer to such Capital Account as the same may be increased or decreased from time to time as applicable.  \nARTICLE 3  \nALLOCATIONS AND DISTRIBUTIONS  \n3.1 Percentage Interests. The percentage interest of each Member (the “Percentage Interest”) as of the Effective Date is set forth on the attached Exhibit A.  \n3.2 Allocations. Unless otherwise agreed to by the unanimous consent of the Members or subject to the waterfall provisions in Section 3.5 below, any income, gain, loss, deduction, or credit of the Company will be allocated for accounting and tax purposes on a pro rata basis in proportion to the respective Percentage Interest held by each Member and in compliance with applicable tax laws.  \n3.3 Distributions. Distributions, if any, will be made at the discretion of the Managersand may be in the form of cash or such other property of the Company as the Managers may determine from ti","cbCaiobQiK9hgEpk","https://ap.wps.com/l/cbCaiobQiK9hgEpk","pdf",155513,13,"English","# Organizational Matters\n## Formation\n## Place of Business\n## Purpose\n# Capital Accounts\n# Allocations and Distributions\n## Percentage Interests\n## Allocations\n## Distributions\n## Withholding\n## Waterfall Allocation of Gross Receipts","[{\"question\":\"What is the purpose of the LLC Operating Agreement in this template?\",\"answer\":\"It sets governance and voting rules and defines members’ rights and obligations regarding the LLC’s operation and management and the related community project.\"},{\"question\":\"How are capital accounts maintained for each member?\",\"answer\":\"Each member has a separate capital account adjusted for net proceeds distributed under the waterfall, reduced by allocated losses and deductions, reduced by compliant distributions, and otherwise adjusted under applicable tax laws.\"},{\"question\":\"How are allocations and distributions handled?\",\"answer\":\"Income, gain, loss, deduction, and credits are allocated pro rata by percentage interest (unless unanimous consent or the waterfall applies). Distributions are made at the managers’ discretion and follow the waterfall provisions.\"},{\"question\":\"What does the waterfall allocation of gross receipts cover?\",\"answer\":\"It defines how continuous and cumulative gross receipts are prioritized for allocation and payment, including project-specific guidance and example splits among community partners and other parties.\"}]","Community Ownership Model - Limited Liability Company Operating Agreement Template | PDF",1789570003]