The Kentucky Operating Agreement form is a crucial document that outlines the management structure and operating procedures for a limited liability company (LLC) in Kentucky. This agreement serves as a roadmap for how the business will be run, detailing the rights and responsibilities of its members. By having a well-drafted operating agreement, LLC owners can help prevent disputes and ensure smooth operations.
When establishing a limited liability company (LLC) in Kentucky, one essential document that members must create is the Kentucky Operating Agreement form. This form serves as a foundational blueprint for the internal management and operational procedures of the LLC. It outlines the roles and responsibilities of each member, detailing how decisions will be made and profits will be distributed. Additionally, the agreement addresses the procedures for adding or removing members, ensuring that the LLC can adapt to changes in its structure. Members can also specify rules regarding meetings, voting rights, and dispute resolution, providing a clear framework for governance. By having a well-crafted Operating Agreement, members can protect their interests and minimize potential conflicts, making it a critical component of a successful LLC formation in Kentucky.
Kentucky Operating Agreement
This Operating Agreement, referred to herein as the "Agreement," is entered into by and between the members of ____________________ (the "Company"), a Kentucky Limited Liability Company. This Agreement shall become effective as of _________________, 20__ (the "Effective Date"). The Company is formed under the Kentucky Limited Liability Company Act (the "Act").
1. Formation
The Company was formed on ________________ (the "Formation Date"), as a Kentucky Limited Liability Company by filing the Articles of Organization with the Kentucky Secretary of State in accordance with the Act.
2. Name and Principal Place of Business
The name of the Company shall be ____________________. The principal place of business of the Company shall be ______________________________________, or such other place as the Members may from time to time designate.
3. 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 Act.
4. Term
The term of the Company commenced on the Formation Date and shall continue until dissolved in accordance with this Agreement and the Act.
5. Members
The names and addresses of the initial member(s) of the Company are as follows:
6. Capital Contributions
The initial capital contribution to the Company by each member is as follows:
Additional contributions shall be made only upon unanimous agreement of all Members.
7. Distribution of Profits and Losses
Profits and losses shall be allocated among the Members in proportion to their respective capital contributions, except as otherwise unanimously agreed in writing.
8. Management
Management of the Company shall be vested in the Members. The Members shall make all decisions regarding the business of the Company through unanimous consent, unless otherwise provided in this Agreement.
9. Dissolution
The Company may be dissolved at any time upon the unanimous consent of all Members, or as otherwise provided by the Act. Upon dissolution, the assets of the Company shall be distributed in accordance with the Act and this Agreement.
10. Governing Law
This Agreement shall be governed by and construed in accordance with the laws of the State of Kentucky.
11. Amendments
This Agreement may only be amended by a written document signed by all Members.
In witness whereof, the Members have executed this Operating Agreement as of the Effective Date first above written.
Member Signature: ______________________________________
Print Name: ___________________________________________
Date: ________________________________________________
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