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It sets the company’s principal office, lawful business purpose, commencement and duration, and rules for capital contributions, additional funding, and profit/loss sharing. Governance provisions cover majority-vote decision-making, member rights and restrictions, banking controls, recordkeeping, annual financial statements and tax filing, liability insurance, voluntary termination and liquidation order, and member withdrawal mechanics via right of first refusal for share transfers.",{"@graph":63,"@context":118},[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/operating-agreement-llc-operating-agreement/164818/",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/operating-agreement-llc-operating-agreement/164818.png","ImageObject",442,249,{"name":88,"@type":89},"Lucas Martin","Person",{"url":68,"name":91,"@type":92},"DocShare","Organization","application/vnd.openxmlformats-officedocument.wordprocessingml.document","2026-09-23","2026-08-31",true,{"@type":98,"interactionType":99,"userInteractionCount":79},"InteractionCounter",{"@type":100},"ViewAction",{"@type":102,"mainEntity":103},"FAQPage",[104,110,114],{"name":105,"@type":106,"acceptedAnswer":107},"What is the purpose of the operating agreement and who must sign it?","Question",{"text":108,"@type":109},"The operating agreement is a contract enforceable by the company against any member who violates its terms. 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All members, past, present and future must sign this Operating Agreement as a condition of membership.\nII\nOffice\nThe principal office of the Company is located at\nThe Company may have such other offices, either within or without the state as the members may designate or as the business of the Company may require.  The registered office of the Company required by the laws of the State of New Jersey to be maintained in the state may be, but need not be, identical with the principal office, and may be changed from time to time by the members.\nIII\nPurpose\nThe purpose for which the Company is organized is the conduct of all lawful business purposes for which it is formed.\nIV\nDuration of the Company\nThe Company shall commence immediately, upon signing of this Operating Agreement, and shall continue pursuant to the term specified in the documents filed with the state unless terminated sooner by operation of law or by agreement among the members.\nV\nCapital Contributions\nThe undersigned member(s) agree to share in all post-formation capital contributions, profits, and surplus of the Company according to the percentage of their membership or according to any other allocation the members, by unanimous vote, should agree upon.  Each member owns an undivided interest in the business and Company as follows:\nMember                      \t\t\t\t\tPercentage of Ownership\nVI\nAdditional Capital Contributions\nThe member(s) may contribute in proportionate amounts any additional capital deemed necessary for the operation of the Company, provided, however, that in the event that any member deems it advisable to refuse or fails to contribute such member’s share of any or all of the additional capital, then the other members or any one of them may contribute the additional capital not paid in by such refusing member and shall receive therefore an increase in the entire Company in direct proportion to the said additional capital contributed.  Unless otherwise agreed, the right to make up additional capital contributions of a refusing member shall be available in the same order as the right to purchase in the case of withdrawal or death of a member, as set forth in paragraphs XIV and XV.\nVII\nDivision of Profits and Losses\nEach of the member(s) shall own an interest in the Company as set forth in paragraph V, entitled “Capital Contributions”, except as the same may hereafter vary or change as provided in paragraph VI, entitled “Additional Capital Contributions”.  All profits of the Company enterprise shall be shared in equal parts.  No member(s) shall make any withdrawals from capital without prior approval of the Company.\nVIII\nRights and Duties of the Parties\nThe entity is to be managed by its member(s).  Company decisions and actions shall be decided by a majority vote of its members, at meetings regularly called with notice to all parties.\nIX\nManagement Duties and Restrictions\nNo member shall, without the consent of the other members, endorse any note or act as an accommodation party, or otherwise become surety for any person in any transaction involved in the Company.  Without the consent of the Company, no member shall on behalf of the Company borrow or lend money, or make, deliver or accept any commercial paper, or execute any mortgage, security agreement, bond or lease, or purchase or contract to purchase, or sell or contract to sell any property for or of the Company.  No member shall, except with the consent of the other members, mortgage, grant a security interest in its share in the Company capital assets or property, or do any act detrimental to the best","cbCaidbtXj7helKf","https://ap.wps.com/l/cbCaidbtXj7helKf","docx",18446,"English","# Operating Agreement\n## Parties and Enforceability\n## Office, Purpose, Duration\n## Capital and Ownership\n## Profits, Losses, and Withdrawals\n## Management, Voting, and Restrictions\n## Banking, Books, and Insurance\n## Termination and Liquidation\n## Member Withdrawal and Sale","[{\"question\":\"What is the purpose of the operating agreement and who must sign it?\",\"answer\":\"The operating agreement is a contract enforceable by the company against any member who violates its terms. All members, including current and future members, must sign as a condition of membership.\"},{\"question\":\"How are profits and losses handled under the agreement?\",\"answer\":\"Members share profits in equal parts, based on their ownership interest as set out in the capital contribution provisions. Members cannot withdraw capital without prior company approval.\"},{\"question\":\"What happens if the LLC is voluntarily terminated?\",\"answer\":\"Upon dissolution, the company liquidates assets promptly and distributes them in a specific order: liabilities to outside creditors and expenses, debts to members other than capital/profits, then debts related to capital, and finally debts related to profits.\"}]","Operating Agreement - LLC - Operating Agreement | DOCX"]