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This document outlines the operating agreement between California State University and the Agricultural Foundation of California State University, Fresno, detailing the terms, conditions, and responsibilities of the Auxiliary organization for the period from July 1, 2022, to June 30, 2027. It specifies the purpose, primary functions, compliance, oversight, and various operational guidelines to ensure the effective functioning of the Auxiliary in support of educational services.
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How to fill out operating agreement
How to fill out operating agreement
01
Title the document as 'Operating Agreement'.
02
Include the name of the LLC and its principal address.
03
List the members of the LLC, including their names and addresses.
04
Specify the purpose of the LLC.
05
Detail the contributions of each member, including cash, property, or services.
06
Outline the distribution of profits and losses among members.
07
Establish the management structure (member-managed or manager-managed).
08
Describe the voting rights of members.
09
Set forth the procedures for adding new members.
10
Include terms for the dissolution of the LLC.
11
Have all members sign and date the agreement.
Who needs operating agreement?
01
Any LLC (Limited Liability Company) should have an operating agreement to outline ownership and management.
02
Business partners who want to specify the structure and rules of their business.
03
Investors or stakeholders looking for clarity on profit distribution and decision-making processes.
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What is operating agreement?
An operating agreement is a legal document that outlines the internal operations of a limited liability company (LLC) and defines the rights and responsibilities of its members.
Who is required to file operating agreement?
In most states, an operating agreement is not required to be filed with the state, but it is strongly recommended for all LLCs to create one for proper management.
How to fill out operating agreement?
To fill out an operating agreement, you need to include details such as the company name, purpose, member contributions, profit distribution, and management structure, typically drafting it in accordance with state laws.
What is the purpose of operating agreement?
The purpose of an operating agreement is to provide a clear structure for how the LLC will be managed, prevent conflicts among members, and set forth rules and regulations for operational procedures.
What information must be reported on operating agreement?
The operating agreement should report information such as member names, ownership percentages, capital contributions, decision-making processes, and procedures for handling disputes.
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