Outline
The Indiana Operating Agreement form plays a crucial role in the establishment and management of limited liability companies (LLCs) in the state. This document outlines the internal rules and regulations governing the LLC, ensuring that all members understand their rights and responsibilities. Key aspects of the form include the distribution of profits and losses, the management structure, and the procedures for adding or removing members. It also addresses decision-making processes, member meetings, and the handling of disputes. Having a well-drafted Operating Agreement is essential for protecting the interests of all members and providing clarity in operations. Without it, members may face confusion or conflicts that could jeopardize the business's success. Therefore, understanding the components of this agreement is vital for anyone looking to form an LLC in Indiana.
Form Sample
Indiana Operating Agreement
This Operating Agreement (“Agreement”) is made effective as of ______ [insert date], by and among the members listed in Exhibit A attached hereto, forming _______________ [insert LLC name] ("Company"), an Indiana Limited Liability Company. This Agreement is intended to comply with the Indiana Code 23-0.5-1 et seq., governing Limited Liability Companies ("Act") and to outline the governing structure and operational guidelines of the Company.
Article 1: Organization
1.1 Formation. The Company was formed on __________ [insert formation date] as a Limited Liability Company ("LLC") under and pursuant to the laws of the State of Indiana.
1.2 Name. The name of the Company shall be _______________ [insert LLC name].
1.3 Duration. The Company will continue until dissolved in accordance with this Agreement and the Act.
1.4 Principal Place of Business. The principal place of business of the Company shall be _______________ [insert address], or such other place as the Members may from time to time designate.
Article 2: Capital Contributions
2.1 Initial Contributions. The Members hereby agree that their initial capital contributions to the Company are as set forth in Exhibit A.
2.2 Additional Contributions. No Member shall be required to make any additional capital contributions to the Company without the unanimous consent of all Members.
Article 3: Membership and Voting
3.1 Members. The rights and obligations of the Members shall be as set forth in this Agreement and the Act.
3.2 Voting. Each Member shall be entitled to one vote per Member unless otherwise provided for in this Agreement.
Article 4: Management
4.1 Management of the Company. The Company shall be managed by the Members, in accordance with this Agreement and the Act. The Members may designate one or more Managers to conduct the affairs of the Company.
Article 5: Distributions
5.1 Distributions. Distributions of cash or other assets of the Company shall be made at such times and in such amounts as determined by the Members in accordance with the Act and this Agreement.
Article 6: Dissolution and Liquidation
6.1 Dissolution. The Company may be dissolved upon the occurrence of events specified in this Agreement and in accordance with the Act.
6.2 Liquidation. Upon dissolution, the assets of the Company shall be liquidated, and the proceeds shall be distributed as set forth in this Agreement.
Exhibit A: Members and Capital Contributions
- Name of Member: _______________ [insert name], Initial Capital Contribution: __________ [insert amount]
- Name of Member: _______________ [insert name], Initial Capital Contribution: __________ [insert amount]
Signatures
IN WITNESS WHEREOF, the Members have executed this Operating Agreement as of the date first above written.
_________________________________
Member Name: _______________ [insert name]
Date: _______________ [insert date]
_________________________________
Member Name: _______________ [insert name]
Date: _______________ [insert date]
Document Details
| Fact Name | Details |
|---|---|
| Purpose | The Indiana Operating Agreement form outlines the management structure and operational procedures for a limited liability company (LLC) in Indiana. |
| Governing Law | This agreement is governed by Indiana Code Title 23, Article 18, which pertains to limited liability companies. |
| Members' Rights | The form specifies the rights and responsibilities of each member, ensuring clarity in ownership and decision-making processes. |
| Amendments | Provisions for amending the agreement can be included, allowing members to adapt to changing circumstances or needs. |
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