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§6:140
Drafting Outline
The following outline provides a skeleton on which the
drafter can customize the LLC agreement. Blank lines are provided for
inclusion of dealings with the LLC. This outline is designed for use by
legal assistants and paralegals as well as the actual advisor. It serves
the further purpose of providing a mechanism to ensure key points are
not omitted for the LLC agreement.
LLC AGREEMENT SUMMARY
Article I BUSINESS
___ Business Purpose
___ Principal Office
___ Registered Office
____________________________________
____________________________________
Article II MEETINGS
___ Annual Meeting
___ Regular Meetings
___ Special Meetings
___ Notice of Meeting
___ Quorum
___ Proxies
___ Voting by Certain Members
___ Manner of Acting
___ Formal Action of Members
___ Formal Action of Management
___ Procedure
___ Presumption of Assent
___ Informal Action of Members
___ Order of Business
___ Telephonic Meetings
____________________________________
____________________________________
Article III FISCAL MATTERS
___ Fiscal Year
___ Deposits
___ Checks, Drafts, Etc.
___ Loans
___ Contract Authority
___ Account
___ Legal Counsel
____________________________________
____________________________________
Article IV MEMBERSHIP AND MANAGEMENT AND THEIR
TRANSFER
___ Admission of a Member
___ Substitution of a Member
___ Admission of a Manager
___ Substitution of a Manager
___ Certificate Register
___ Expulsion of Members
___ Withdrawal of Members
___ New Members
___ Signatures
___ Agency of Members
____________________________________
____________________________________
Article V BOOKS AND RECORDS
___ Books and Records
___ Right of Inspection
___ Financial Records
____________________________________
____________________________________
Article VI DISTRIBUTIONS
___ Interim Distribution
___ Cash or In-Kind
___ Return of Capital
___ Winding Up
____________________________________
____________________________________
Article VII ALLOCATION OF INCOME & LOSSES
___ Special Allocations
___ Guaranteed Payments
___ Preferred Returns
___ Regulatory Allocations
___ Allocations to Reflect
Distributions
____________________________________
____________________________________
Article VIII MANAGEMENT
___ By Members
___ By Non-Members
___ By Executive Committee
___ By Manager
___ Division of Duties Among
Managers/Members
___ Other Officers
___ Election and Tenure
___ Resignation and Removal
___ Vacancies
___ Salaries
___ Operation in Foreign Jurisdictions
___ Agency Issues
___ Deadlock Issues
___ Scope of Management Authority
___ Major Decisions Defined
____________________________________
____________________________________
Article IX ASSIGNMENT
___ Impermissible Assignments
___ Permitted Assignments
___ Voluntary Assignment of Interest
___ Involuntary Assignment of Interest
___ Encumbering of Interest
___ Conditions for Assignments
___ Rights of First Refusal
___ Determination of Price for
Interests
___ Determination of Terms of Purchase
___ Security for Purchase of Interest
___ Insurance Requirements
___ Forced Assignments: Put/Call, Tag
Along and Drag Along Rights
____________________________________
____________________________________
Article X MISCELLANEOUS
___ Governing Law
___ Arbitration
___ Mediation
___ Privacy Agreement
___ Agreement is Binding Contract
___ Notice
___ Waiver of Notice
___ Indemnification by Company
___ Gender and Number
___ Disclaimers
___ Severability
____________________________________
____________________________________
Article XI AMENDMENTS
___ Voting Requirements to Amend
Articles
___ Voting Requirements to Amend
Agreement
___ Permitted Amendments without a
Vote
____________________________________
____________________________________
Copyright 2009
James Publishing
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