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2 Member LLC Operating Agreement
"I need a 2 Member LLC Operating Agreement for a technology startup in Bangalore, with equal ownership between two partners and specific provisions for intellectual property rights and future investment rounds, planned to be effective from March 2025."
1. Parties: Identifies and provides details of the two members entering into the LLC agreement
2. Background: Outlines the context and purpose for forming the LLC
3. Definitions: Defines key terms used throughout the agreement
4. Formation and Name: Details of LLC formation, registered name, and business purpose
5. Principal Place of Business: Address and details of the main business location
6. Term: Duration of the LLC and conditions for continuation
7. Capital Contributions: Initial and subsequent capital contributions by members
8. Ownership Interests: Percentage ownership and voting rights of each member
9. Management Structure: Management responsibilities and decision-making processes
10. Meetings and Voting: Procedures for member meetings and voting requirements
11. Profit and Loss Distribution: Method of allocating profits and losses between members
12. Books and Records: Requirements for maintaining financial records and member access rights
13. Transfer of Interests: Rules regarding the transfer of ownership interests
14. Withdrawal and Dissolution: Procedures for member withdrawal and LLC dissolution
15. Dispute Resolution: Process for resolving disputes between members
16. Governing Law: Specification of Indian law as governing law and jurisdiction
17. Amendments: Process for amending the operating agreement
18. Notices: Requirements for formal communications between members
19. General Provisions: Miscellaneous legal provisions including severability and entire agreement
1. Intellectual Property Rights: Required when the LLC owns or develops intellectual property, defining ownership and usage rights
2. Non-Compete and Non-Solicitation: Include when members agree to restrictions on competitive activities
3. Additional Capital Calls: Include when there may be need for future capital contributions beyond initial investments
4. Tax Provisions: Detailed section needed when specific tax arrangements between members are required
5. Insurance Requirements: Include when specific insurance coverage is mandatory for the business
6. Foreign Investment Compliance: Required when one or both members are foreign nationals or entities
7. Digital Operations: Include when the LLC operates significant online business components
8. Employee Management: Required when the LLC plans to hire employees and needs management structure for employment decisions
1. Schedule A - Capital Contributions: Detailed breakdown of initial capital contributions by each member
2. Schedule B - Member Information: Detailed information about members including contact details and representatives
3. Schedule C - Business Plan: Initial business plan and operational objectives
4. Schedule D - Asset Register: List of LLC assets and their agreed values
5. Appendix 1 - Voting Procedures: Detailed procedures for different types of voting scenarios
6. Appendix 2 - Financial Reporting Format: Templates and requirements for financial reporting
7. Appendix 3 - Compliance Checklist: List of regulatory compliance requirements and deadlines
8. Appendix 4 - Authorized Signatories: List of authorized signatories and their powers
Authors
Technology
Professional Services
Manufacturing
Retail
Real Estate
Healthcare
Education
Consulting
E-commerce
Financial Services
Media and Entertainment
Food and Beverage
Transportation and Logistics
Construction
Agriculture
Legal
Finance
Compliance
Corporate Governance
Risk Management
Operations
Business Development
Administration
Executive Leadership
Company Secretarial
Business Owner
Managing Partner
Chief Executive Officer
Chief Financial Officer
Company Secretary
Legal Counsel
Business Development Manager
Operations Director
Compliance Officer
Risk Manager
Corporate Lawyer
Finance Director
Managing Director
Entrepreneur
Business Consultant
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