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It covers company name, filed articles of organization, duration, principal and designated offices, agent for service of process, and permitted purposes and powers. It details member capital contributions and ownership interest calculations, rules for admitting additional members, handling additional contributions, and managing capital accounts. 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FORMATION  \n1.1 Name. The name of this limited liability company (the \"Company\") is  \n.  \n1.2 Articles of Organization. Articles of organization for the Company were filed with the Secretary of State for the state of   on   .  \n1.3 Duration. The Company will exist until dissolved as provided in this agreement.  \n1.4 Principal Office. The Company’s principal office will initially be at    , but it may be relocated by the Members at any time.  \n1.5 Designated Office and Agent for Service of Process. The Company's initial designated office will be at 16192 Coastal Highway, Lewes, Delaware 19958, and the name of its initial agent for service of process at that address will be Harvard Business Services, Inc. The Company’s designated office and its agent for service ofprocess may only be changed by filing notice of the change with the Secretary of State of the state in which the articles of organization of the Company were filed.  \n1.6 Purposes and Powers. The Company is formed for the purpose of engaging in the business of * . The Company has the power to do all things necessary, incident, or in furtherance of that business.  \n1.7 Title to Assets. Title to all assets of the Company will be held in the name of the Company. No Member has any right to the assets of the Company or any ownership interest in those assets except indirectly as a result of the Member’s ownership of an interest in the Company. No Member has any right to partition any assets of the Company or any right to receive any specific assets upon liquidation of the Company or upon any other distribution from the Company.  \n2. MEMBERS, CONTRIBUTIONS AND INTERESTS  \n2.1 Initial Members. The names and addresses of the Members of the Company, the amounts of their initial capital contributions, and their initial Ownership Interests are:  \nName and address  Contribution  Ownership Interest  \nEach Member’s Ownership Interest at any time will be determined by the ratio of the Member’s aggregate capital contributions to the aggregate capital contributions of all Members.  \n2.2 Initial Capital Contributions. The initial capital contributions of * and * must be paid to the Company, in cash, immediately after all parties have signed this agreement. The initial capital contribution of * must be made by *’s transferring to the Company the assets listed on the attached Exhibit A. The transfer of the assets must be made immediately after all parties have signed this agreement by *’s executing and delivering to the Company such documents as may be necessary to transfer the assets listed on the attached Exhibit A to the Company free and clear of all liens and encumbrances. The transfer documents must include warranties of title and good right to transfer.  \n2.3 Additional Members. Except as otherwise provided in the section of this agreement relating to substitution, additional Members of the Company may be admitted only with the consent of all Members.  \n2.4 Additional Contributions. Except as otherwise provided in the Act, no Member will be required to contribute additional capital to the Company. Additional capital contributions to the Company may be made by the Members only with the Members’ unanimous approval. If the Members approve additional capital contributions, the Members must set a maximum amount for such contributions that will be accepted from the Members. Each Member will then have the right, but not the obligation, to contribute a pro rata share of the maximum based upon the Member’s Ownership Interest. If any Member elects to contribute less than the Member's pro rata share of the maximum, the other Members may contribute the difference on a pro rata basis in accordance with their ","cbCaijFaJWUO3D8L","https://ap.wps.com/l/cbCaijFaJWUO3D8L","pdf",150090,"English","# Operating Agreement - Member Managed\n## Formation\n## Members, Contributions and Interests\n## Allocation of Profits and Losses","[{\"question\":\"What information does the agreement require for forming a member-managed LLC?\",\"answer\":\"It specifies the company name, the filing of articles of organization, the duration until dissolution, the principal office, the designated office and agent for service of process, and the company’s purposes and powers.\"},{\"question\":\"How does the agreement determine each member’s ownership interest?\",\"answer\":\"Each member’s ownership interest is determined by the ratio of that member’s aggregate capital contributions to the aggregate capital contributions of all members.\"},{\"question\":\"How are profits and losses allocated among members?\",\"answer\":\"Net profit or net loss for each fiscal year is allocated among members in proportion to their ownership interests, using the company’s tax return accounting principles.\"}]","Member-Managed LLC Operating Agreement Template | PDF",1789568996]