This LLC Operating Agreement ("Agreement") represents [Member1.Company] formed in the State of New York and subject to the laws of the State of New York, and subject to the New York Limited Liability Company Law (hereinafter referred to as the Law”).
The following represents the founding (number of members) Members of the Company and the respective ownership interest that each Member shall have in the Company:
Member Name: [Member1.FirstName] [Member1.LastName] , who has a (percentage of ownership) ownership interest;
Member Address: [Member1.StreetAddress] [Member1.City] [Member1.State] [Member1.PostalCode]
Member Name: [Member2.FirstName] [Member2.LastName] , who has a (percentage of ownership) ownership interest;
Member Address: [Member2.StreetAddress] [Member2.City] [Member2.State] [Member2.PostalCode]
The Agreement is entered into and effective upon adoption by the Members.
Whereas this Agreement is intended to provide for the regulation and management of the affairs of the Company. Except for the provisions of the Law that may not be modified to the extent of any contradiction between the provisions of this Agreement and the Law or the variation of the general terms of the Law by this Agreement. Each Member hereby acknowledges and agrees the provisions of this Agreement shall govern and control all management structures and the affairs of the company as set forth herein.
Therefore in terms of all the respective covenants, agreements, and conditions contained herein, the Members agree as follows:
The main purpose of forming an LLC to conduct a business is to create a legal entity that protects members from being held personally liable for the company’s debts.