The Ohio Operating Agreement form is a legal document that outlines the management structure and operational procedures of a limited liability company (LLC) in Ohio. This form serves as a foundational agreement among members, detailing their rights and responsibilities. Understanding its components is essential for ensuring compliance and effective governance within the LLC.
When forming a limited liability company (LLC) in Ohio, one of the most important documents you will encounter is the Operating Agreement. This essential form outlines the structure and management of your LLC, providing clarity on the roles and responsibilities of each member. It addresses key aspects such as ownership percentages, profit distribution, and decision-making processes, ensuring that all members are on the same page. Additionally, the Operating Agreement can specify procedures for adding or removing members, handling disputes, and dissolving the company if necessary. By having a well-drafted Operating Agreement, you can protect your interests and help prevent misunderstandings among members. This document serves not only as a guide for daily operations but also as a safeguard for your business's future, making it a crucial component of your LLC formation in Ohio.
This Ohio LLC Operating Agreement, hereinafter referred to as the "Agreement," is made and entered into upon the ____ day of ____________, 20____, by and among the undersigned members of ________________________, LLC, an Ohio Limited Liability Company (the "Company"). This Agreement is executed in accordance with the relevant provisions of the Ohio Revised Code (ORC) Chapter 1705.
The Members hereby agree as follows:
Article I: Name and Principal Place of Business
1.1 Name: The name of the Company shall be ________________________, LLC.
1.2 Principal Place of Business: The principal place of business shall be ___________________________________, Ohio, or such other place as the Members may from time to time designate.
Article II: Term
The term of the Company shall commence on the date of filing of the Articles of Organization with the Ohio Secretary of State and shall continue perpetually, unless dissolved in accordance with this Agreement or applicable law.
Article III: Purpose
The purpose of the Company is to engage in any lawful act or activity for which a limited liability company may be organized under the ORC.
Article IV: Membership
The names and addresses of the initial Members shall be as follows:
Article V: Contributions
Each Member’s initial contribution to the Company’s capital is as follows:
Article VI: Management
The management of the Company shall be vested in the Members. Actions and decisions requiring Member approval shall be determined by a majority of the Members, except as otherwise provided in this Agreement.
Article VII: Distributions
Distributions of the Company's profits and losses shall be made to the Members proportionately to their respective contributions, unless otherwise agreed by all Members in writing.
Article VIII: Transfer of Membership Interest
A Member may not transfer their membership interest in the Company without the written consent of the other Members, which consent shall not be unreasonably withheld.
Article IX: Dissolution
The Company may be dissolved upon the agreement of Members owning more than fifty percent of the interest in the capital and profits of the Company, or as otherwise provided by law.
Article X: Governing Law
This Agreement shall be governed by and construed in accordance with the laws of the State of Ohio.
IN WITNESS WHEREOF, the Members have executed this Operating Agreement as of the date first above written.
Member Signature: ___________________________ Date: ____________
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