This Operating Agreement is used in the formation of any Limited Liability Company. You make changes to fit your needs and add description of your business. Approximately 10 pages. It allows for eventual adding of new Members to LLC.
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OPERATING AGREEMENT OF A VIRGINIA LIMITED LIABILITY COMPANY THIS OPERATING AGREEMENT (Agree me t”) is entered into the day of, 20, by and between the following persons: 1. 2. 3. 4. hereinafter,
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The Administrator in (Name), veteran is “B.D.G.” for short, and all of its Subsidiaries and Affiliates (hereinafter, any (“Company”), and collectively we, and each of us, the “Company Affiliates”), acting in the capacities set forth below. 7 1 1. Our goal is to increase the gross proceeds of business of the Company by selling, or otherwise persuading another Company to sell, a significant number of Units (hereinafter, any “Investment”) at the IPO sale price, thereby raising the value of the Company's Shares. The Company will use the net proceeds from any Sale of Investment as follows: (a) We will pay the Company's cost of Sales and Marketing Services, including any expenses to the extent the sales are to be made through other means (as determined by the Company), and a portion of the net proceeds will be used to deposit the net proceeds of the sale from that sale into our Capital Account. (b) In addition, the Company will pay any applicable Selling Agent fees and any applicable Trustee fees (“Services Fees”) and other Related Fees and charges to the extent the Company is involved in the selling and marketing of Investment (we refer to the Services Fees and Related Fees as “Services and Selling Costs”), as well as any applicable transfer agent fees (e.g., Transfer Agent Fee). 1 2. (A) As the Company's managing member, we are responsible for selling any Investment (or, as applicable, Selling it). We will be responsible for determining the value of the Investment and determining whether such Investment is of a type that could be purchased at a public offering (see “Investment Type” below) or as an ongoing offering with a minimum initial offering price. Based on information about our sales to date and the current market price of the Company's Shares, we will make an investment decision (the “Investment Decision”) whether the Investment should be Sold or whether the Investment should be Sold, and we will be subject to the other risks and obligations that are required by applicable Law (including the General Risk Factors below) with respect to an investment in our Shares. (B) We are no longer the only party responsible for making and confirming any Investment Decision. The Administrator will responsible, to the extent such Administrator is so qualified, also make an investment decision for us.
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