[{"id":"03520f79-6add-44f6-bd89-236c764462a4","order":1,"text":"OPERATING AGREEMENT","fontSize":"22","textAlign":"center","bold":true,"underline":false,"marginBottom":"5","cflou":false,"active":true},{"id":"c7f561f7-248f-4160-a15e-fff6a988535c","order":2,"text":"OF","fontSize":"14","textAlign":"center","bold":false,"underline":false,"marginBottom":"5","cflou":false,"active":true},{"id":"d1d5e006-4a14-4b15-8083-972b7d01f956","order":3,"text":"[LLC Name]","fontSize":"18","textAlign":"center","bold":true,"underline":false,"marginBottom":"5","cflou":false,"active":true},{"id":"d1d3911c-0202-4fa5-86a8-a30019ef0b76","order":4,"text":"(A [State] Limited Liability Company)","fontSize":"14","textAlign":"center","bold":false,"underline":false,"marginBottom":"40","cflou":false,"active":true},{"id":"34d46a36-6072-4c53-aafe-951552142ee8","order":5,"text":"THIS OPERATING AGREEMENT (this "Agreement") of [LLC Name], a [State] limited liability company (the "Company"), is entered into and effective as of [Effective Date] (the "Effective Date"),","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"10","cflou":false,"active":true},{"id":"e2d88eee-440d-4a97-8c35-d0d812770475","order":6,"text":"by [Member Name], residing at [Member Address] (the "Member").","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"20","cflou":false,"active":true,"displayConditions":[{"field":"2d6d8f0a-6454-4281-9632-039e2e5cc351","value":"2","type":"remove","operator":"="}]},{"id":"cf69b45a-9207-4d8a-bde3-3627e4769135","order":7,"text":"by and among the persons listed on Schedule A attached hereto, each of whom is referred to herein individually as a "Member" and collectively as the "Members".","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"20","cflou":false,"active":true,"displayConditions":[{"field":"2d6d8f0a-6454-4281-9632-039e2e5cc351","value":"1","type":"remove","operator":"="}]},{"id":"450250a2-f8e0-4327-ae89-de00cf6e970e","order":8,"text":"RECITALS","fontSize":"15","textAlign":"center","bold":true,"underline":true,"marginBottom":"10","cflou":false,"active":true},{"id":"a5c48549-dc3d-4a57-be0c-4d74b6e655ae","order":9,"text":"WHEREAS, the Company was formed as a limited liability company under the laws of the State of [State] by the filing of Articles of Organization (or equivalent formation document) with the Secretary of State of [State] on [Formation Date];","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"10","cflou":false,"active":true},{"id":"a714d61e-168b-4fcc-aae0-f093b758e859","order":10,"text":"WHEREAS, the [Member/Members] desire to enter into this Agreement to govern the affairs of the Company and the conduct of its business in accordance with the provisions of the [State] Limited Liability Company Act (the "Act");","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"10","cflou":false,"active":true},{"id":"00875af1-280b-44fe-af10-760c9b3906f1","order":11,"text":"NOW, THEREFORE, in consideration of the mutual covenants and agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"20","cflou":false,"active":true},{"id":"e8ae82be-4d30-4097-9adb-9293b9ad01b2","order":12,"text":"ARTICLE I — FORMATION AND ORGANIZATION","fontSize":"15","textAlign":"left","bold":true,"underline":true,"marginBottom":"10","cflou":false,"active":true,"marginTop":"10"},{"id":"156f845a-e668-4919-ae8b-a9ed1b479395","order":13,"text":"1.1 Formation. The Company has been organized as a [State] limited liability company by the filing of Articles of Organization (the "Articles") with the Secretary of State of [State] pursuant to the Act. The rights, duties, and liabilities of the [Member/Members] shall be as provided in the Act, except as otherwise expressly provided herein.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"10","cflou":false,"active":true},{"id":"0a94445e-cb26-4d58-ad49-d27017b97b58","order":14,"text":"1.2 Name. The name of the Company is [LLC Name]. The business of the Company may be conducted under such name or, in compliance with applicable law, under any other name that the [Member(s) or Manager(s)] deem appropriate.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"10","cflou":false,"active":true},{"id":"0c1b5b60-f833-496d-b942-dbb8adacadd8","order":15,"text":"1.3 Principal Office. The principal office of the Company shall be located at [Principal Office Address], or at such other location as the [Member(s) or Manager(s)] may designate from time to time.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"10","cflou":false,"active":true},{"id":"a1001230-a275-401f-a720-7b6acab548fd","order":16,"text":"1.4 Registered Agent. The name and address of the registered agent of the Company for service of process in the State of [State] is [Registered Agent Name and Address]. The Company may change its registered agent or registered office at any time as permitted by the Act.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"10","cflou":false,"active":true},{"id":"2a1444f0-6e15-458c-b96e-8588abef3c79","order":17,"text":"1.5 Term. The term of the Company commenced on the date the Articles were filed with the Secretary of State and shall continue in perpetuity unless sooner dissolved and terminated in accordance with this Agreement or the Act.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"20","cflou":false,"active":true},{"id":"a5821744-8ca5-4fbb-a2bd-6443e4a611a3","order":18,"text":"ARTICLE II — PURPOSE AND POWERS","fontSize":"15","textAlign":"left","bold":true,"underline":true,"marginBottom":"10","cflou":false,"active":true,"marginTop":"10"},{"id":"8de10670-b8b0-4df8-b217-e6af912d897b","order":19,"text":"2.1 Purpose. The Company is organized for the purpose of [Business Purpose], and to engage in any and all lawful acts or activities for which limited liability companies may be organized under the Act.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"10","cflou":false,"active":true},{"id":"a08eca47-6063-429f-817b-d4983fdf6b0b","order":20,"text":"2.2 Powers. The Company shall have all powers necessary, useful, or convenient to effect any and all of the purposes for which the Company is formed, including, without limitation, all powers granted to limited liability companies by the Act.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"20","cflou":false,"active":true},{"id":"9268eedd-58ea-449c-837e-db2677f69e46","order":21,"text":"ARTICLE III — MEMBERS AND CAPITAL CONTRIBUTIONS","fontSize":"15","textAlign":"left","bold":true,"underline":true,"marginBottom":"10","cflou":false,"active":true,"marginTop":"10"},{"id":"518c4256-997d-4534-b7cf-d72a4a10cd23","order":22,"text":"3.1 Sole Member. The Company has a single Member, [Member Name], who owns one hundred percent (100%) of the membership interests in the Company.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"10","cflou":false,"active":true,"displayConditions":[{"field":"2d6d8f0a-6454-4281-9632-039e2e5cc351","value":"2","type":"remove","operator":"="}]},{"id":"703dd334-f33c-4873-b562-5e47f3dfb4c0","order":23,"text":"3.1 Members. The names, addresses, capital contributions, and percentage ownership interests of the Members are set forth on Schedule A attached hereto and incorporated herein by reference. Schedule A may be amended from time to time to reflect the admission, withdrawal, or transfer of any Member, or any change in capital contributions or ownership percentages, in accordance with this Agreement.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"10","cflou":false,"active":true,"displayConditions":[{"field":"2d6d8f0a-6454-4281-9632-039e2e5cc351","value":"1","type":"remove","operator":"="}]},{"id":"9ab2c450-5a91-4d8d-9e73-1755e2e80261","order":24,"text":"3.2 Initial Capital Contribution. The sole Member has contributed to the capital of the Company the sum of $[Capital Amount] (the "Initial Capital Contribution"), and shall not be required to make any additional capital contributions except as the Member may, in his or her sole discretion, determine.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"10","cflou":false,"active":true,"displayConditions":[{"field":"2d6d8f0a-6454-4281-9632-039e2e5cc351","value":"2","type":"remove","operator":"="}]},{"id":"9ad65eb0-7566-4c27-8324-7f810b585fa5","order":25,"text":"3.2 Initial Capital Contributions. Each Member has contributed to the capital of the Company the amount set forth opposite such Member’s name on Schedule A (collectively, the "Initial Capital Contributions"). No Member shall be required to make any additional capital contribution to the Company except as may be unanimously agreed in writing by all Members.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"10","cflou":false,"active":true,"displayConditions":[{"field":"2d6d8f0a-6454-4281-9632-039e2e5cc351","value":"1","type":"remove","operator":"="}]},{"id":"e657ecfd-91d3-482e-976f-67ecbe433cb3","order":26,"text":"3.3 No Interest on Capital. No Member shall be entitled to interest on, or with respect to, any capital contribution made to the Company or on any positive balance in such Member’s capital account.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"10","cflou":false,"active":true},{"id":"4ecab531-97aa-4788-ba11-55fab7f90072","order":27,"text":"3.4 Withdrawal of Capital. No Member shall have the right to withdraw any portion of his, her, or its capital contribution or to receive any distribution from the Company, except as expressly provided in this Agreement.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"10","cflou":false,"active":true},{"id":"2efdca5b-6617-4d06-8f53-f311061b36f6","order":28,"text":"3.5 Liability of Members. Except as otherwise required by applicable law, no Member shall be personally liable for any debt, obligation, or liability of the Company, whether arising in contract, tort, or otherwise, solely by reason of being a Member of the Company.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"20","cflou":false,"active":true},{"id":"7286780c-5516-459e-9fe0-5177fa7d42bc","order":29,"text":"ARTICLE IV — ALLOCATIONS AND DISTRIBUTIONS","fontSize":"15","textAlign":"left","bold":true,"underline":true,"marginBottom":"10","cflou":false,"active":true,"marginTop":"10"},{"id":"7cd64580-9fe2-456a-b75a-5519a205ba55","order":30,"text":"4.1 Allocations — Single Member. All items of income, gain, loss, deduction, and credit of the Company shall be allocated entirely to the sole Member.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"10","cflou":false,"active":true,"displayConditions":[{"field":"2d6d8f0a-6454-4281-9632-039e2e5cc351","value":"2","type":"remove","operator":"="}]},{"id":"45abf8e0-0edc-406b-8ca6-b22f866b3295","order":31,"text":"4.1 Allocations — Multi Member. Except as otherwise required by Section 704 of the Internal Revenue Code (the "Code") and the Treasury Regulations promulgated thereunder, all items of income, gain, loss, deduction, and credit of the Company shall be allocated among the Members in proportion to their respective ownership percentages as set forth on Schedule A.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"10","cflou":false,"active":true,"displayConditions":[{"field":"2d6d8f0a-6454-4281-9632-039e2e5cc351","value":"1","type":"remove","operator":"="}]},{"id":"1dd82f6e-c493-44bd-9f00-e5c4bd2a8ac6","order":32,"text":"4.2 Distributions. Subject to applicable law and any restrictions imposed by lenders or other creditors of the Company, the [Member(s) or Manager(s)] shall determine, in their sole and absolute discretion, the timing and amount of all distributions of cash or other property to the [Member/Members].","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"10","cflou":false,"active":true},{"id":"10958c60-a4a1-4321-a836-5981c9e61819","order":33,"text":"4.3 Pro-Rata Distributions. All distributions of cash or other property of the Company shall be made to the Members in proportion to their respective ownership percentages as set forth on Schedule A, except as otherwise required by Section 704 of the Code and the Treasury Regulations promulgated thereunder.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"10","cflou":false,"active":true,"displayConditions":[{"field":"2d6d8f0a-6454-4281-9632-039e2e5cc351","value":"1","type":"remove","operator":"="}]},{"id":"bbad2b5e-6a1f-4066-aaa1-b01b654f3c18","order":34,"text":"4.4 Tax Distributions. Notwithstanding anything to the contrary herein, the Company shall use commercially reasonable efforts to distribute to each Member, on or before each estimated tax payment date, an amount of cash sufficient to enable such Member to satisfy its estimated federal, state, and local income tax liabilities attributable to such Member’s allocable share of the Company’s taxable income.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"10","cflou":false,"active":true,"displayConditions":[{"field":"2d6d8f0a-6454-4281-9632-039e2e5cc351","value":"1","type":"remove","operator":"="}]},{"id":"c83d1a41-7603-4507-bad3-750f179b4151","order":35,"text":"4.5 Limitations. No distribution shall be made if, after giving effect thereto, the Company would be unable to pay its debts as they become due in the ordinary course of business or the total assets of the Company would be less than the sum of its total liabilities, in violation of the Act.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"20","cflou":false,"active":true},{"id":"abad8661-8deb-4592-8d8b-269b368904e1","order":36,"text":"ARTICLE V — MANAGEMENT","fontSize":"15","textAlign":"left","bold":true,"underline":true,"marginBottom":"10","cflou":false,"active":true,"marginTop":"10"},{"id":"726633cc-f228-4e82-8cd2-e8cdd8b8686d","order":37,"text":"5.1 Member-Managed. The Company shall be managed by its [Member/Members]. Except as otherwise expressly provided in this Agreement or required by the Act, all decisions concerning the business and affairs of the Company shall be made by the [Member/Members], and any [Member/Members] shall have the authority to bind the Company.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"10","cflou":false,"active":true,"displayConditions":[{"field":"67bc651e-79cc-45f2-afc3-bd22443af1b1","value":"Manager-Managed","type":"remove","operator":"="}]},{"id":"c69e078e-1664-494b-b804-bfd0f2298d4d","order":38,"text":"5.1 Manager-Managed. The Company shall be managed by one or more managers (each, a "Manager"). The initial Manager of the Company shall be [Manager Name], whose address is [Manager Address]. The Manager shall have full, exclusive, and complete authority, power, and discretion to manage and control the business, affairs, and properties of the Company.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"10","cflou":false,"active":true,"displayConditions":[{"field":"67bc651e-79cc-45f2-afc3-bd22443af1b1","value":"Member-Managed","type":"remove","operator":"="}]},{"id":"18d20401-7982-45bc-bbc6-3cb2b73febd4","order":39,"text":"5.2 Voting. Except as otherwise provided in this Agreement or required by the Act, all matters submitted to a vote of the Members shall be decided by the affirmative vote of Members holding a majority of the ownership interests in the Company. Each Member shall be entitled to one vote per percentage point of ownership interest.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"10","cflou":false,"active":true,"displayConditions":[{"field":"2d6d8f0a-6454-4281-9632-039e2e5cc351","value":"1","type":"remove","operator":"="}]},{"id":"db07fb2a-e648-44c2-8a01-87cba9730daf","order":40,"text":"5.3 Major Decisions. Notwithstanding Section 5.2, the following actions shall require the unanimous written consent of all Members:","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"5","cflou":false,"active":true,"displayConditions":[{"field":"2d6d8f0a-6454-4281-9632-039e2e5cc351","value":"1","type":"remove","operator":"="}]},{"id":"9ee6b51d-2f6f-4f8d-81e9-b0c267cff8f3","order":41,"text":"(a) any amendment to this Agreement or to the Articles;","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"3","cflou":false,"active":true,"displayConditions":[{"field":"2d6d8f0a-6454-4281-9632-039e2e5cc351","value":"1","type":"remove","operator":"="}]},{"id":"7ba85b32-fc57-4e7c-b6b7-0482d2acdce1","order":42,"text":"(b) the admission of any new Member;","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"3","cflou":false,"active":true,"displayConditions":[{"field":"2d6d8f0a-6454-4281-9632-039e2e5cc351","value":"1","type":"remove","operator":"="}]},{"id":"39a2fab0-7fcb-42d0-b1c2-3bd61c12c8fd","order":43,"text":"(c) the sale, lease, exchange, or other disposition of all or substantially all of the assets of the Company;","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"3","cflou":false,"active":true,"displayConditions":[{"field":"2d6d8f0a-6454-4281-9632-039e2e5cc351","value":"1","type":"remove","operator":"="}]},{"id":"e36347c5-48e0-419a-bf03-244c61694176","order":44,"text":"(d) any merger, consolidation, conversion, or reorganization of the Company;","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"3","cflou":false,"active":true,"displayConditions":[{"field":"2d6d8f0a-6454-4281-9632-039e2e5cc351","value":"1","type":"remove","operator":"="}]},{"id":"8d705848-b876-4372-b211-7fa1e30e7d22","order":45,"text":"(e) the dissolution of the Company;","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"3","cflou":false,"active":true,"displayConditions":[{"field":"2d6d8f0a-6454-4281-9632-039e2e5cc351","value":"1","type":"remove","operator":"="}]},{"id":"780da2a7-f2dd-4589-a6e8-d24a9f852536","order":46,"text":"(f) the incurrence of any indebtedness by the Company in excess of $50,000 in the aggregate;","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"3","cflou":false,"active":true,"displayConditions":[{"field":"2d6d8f0a-6454-4281-9632-039e2e5cc351","value":"1","type":"remove","operator":"="}]},{"id":"65b0451c-e1a7-4d36-9ba3-1b48a360f68e","order":47,"text":"(g) any transaction between the Company and any Member or any affiliate of a Member.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"10","cflou":false,"active":true,"displayConditions":[{"field":"2d6d8f0a-6454-4281-9632-039e2e5cc351","value":"1","type":"remove","operator":"="}]},{"id":"9ee08f6e-ba22-4073-9de2-e84dcd939534","order":48,"text":"5.4 Officers. The [Member(s) or Manager(s)] may, from time to time, designate one or more individuals to serve as officers of the Company, including, without limitation, a President, Chief Executive Officer, Chief Financial Officer, Treasurer, and Secretary, with such powers and duties as the [Member(s) or Manager(s)] may determine.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"10","cflou":false,"active":true},{"id":"e15c60e2-6a2e-4077-899f-fafb00f8dc39","order":49,"text":"5.5 Standard of Care. Each [Member or Manager] shall discharge his, her, or its duties to the Company in good faith, with the care of an ordinarily prudent person in a like position would exercise under similar circumstances, and in a manner reasonably believed to be in the best interests of the Company.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"20","cflou":false,"active":true},{"id":"9681d9b1-e713-46b5-8d01-e96351f4ba7d","order":50,"text":"ARTICLE VI — BOOKS, RECORDS, AND TAX MATTERS","fontSize":"15","textAlign":"left","bold":true,"underline":true,"marginBottom":"10","cflou":false,"active":true,"marginTop":"10"},{"id":"2737c39f-c2fc-40ae-8d52-5089c0563555","order":51,"text":"6.1 Books and Records. The Company shall maintain complete and accurate books and records of its business and affairs at its principal office, including all books and records required to be maintained under the Act. Such books and records shall be open to inspection and copying by any Member (or its authorized representative) at any reasonable time upon reasonable notice.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"10","cflou":false,"active":true},{"id":"10912f96-d644-4029-802a-80efd29b4b5b","order":52,"text":"6.2 Fiscal Year. The fiscal year of the Company shall end on December 31 of each year, unless otherwise determined by the [Member(s) or Manager(s)] in compliance with the Code.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"10","cflou":false,"active":true},{"id":"a594ae7f-835b-4409-bc38-8da31159ab8a","order":53,"text":"6.3 Bank Accounts. All funds of the Company shall be deposited in one or more bank accounts in the name of the Company, at such financial institutions as the [Member(s) or Manager(s)] shall determine. Withdrawals from such accounts shall be made only upon the signature of such persons as the [Member(s) or Manager(s)] may from time to time authorize.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"10","cflou":false,"active":true},{"id":"01825799-cc2e-436e-b0a5-90c2cedeea13","order":54,"text":"6.4 Tax Classification. Unless the Member elects otherwise by filing the appropriate election with the Internal Revenue Service, the Company shall be treated as a disregarded entity for U.S. federal income tax purposes, and all items of income, gain, loss, deduction, and credit of the Company shall be reported on the Member’s individual federal income tax return.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"10","cflou":false,"active":true,"displayConditions":[{"field":"2d6d8f0a-6454-4281-9632-039e2e5cc351","value":"2","type":"remove","operator":"="}]},{"id":"21259dc3-cc06-4718-952c-f69fc72661c0","order":55,"text":"6.4 Tax Classification. The Company shall be treated as a partnership for U.S. federal income tax purposes, and the Members hereby agree that the Company shall not elect to be treated as a corporation under Section 7701 of the Code unless such election is approved by the unanimous written consent of all Members.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"10","cflou":false,"active":true,"displayConditions":[{"field":"2d6d8f0a-6454-4281-9632-039e2e5cc351","value":"1","type":"remove","operator":"="}]},{"id":"02d8499d-71bf-4a60-afc5-05570395d4fe","order":56,"text":"6.5 Partnership Representative. The Members hereby designate [Partnership Representative Name] as the "Partnership Representative" of the Company within the meaning of Section 6223 of the Code, with full authority to act on behalf of the Company in all matters relating to federal income tax audits and proceedings.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"20","cflou":false,"active":true,"displayConditions":[{"field":"2d6d8f0a-6454-4281-9632-039e2e5cc351","value":"1","type":"remove","operator":"="}]},{"id":"ba871ac5-f315-4523-b8d0-801a6e96e2c2","order":57,"text":"ARTICLE VII — TRANSFER OF MEMBERSHIP INTERESTS","fontSize":"15","textAlign":"left","bold":true,"underline":true,"marginBottom":"10","cflou":false,"active":true,"marginTop":"10"},{"id":"617672b4-a7b6-4749-bf31-744c3201fff0","order":58,"text":"7.1 Transfers by Sole Member. The sole Member may, at any time and from time to time, transfer, assign, or otherwise dispose of all or any portion of his, her, or its membership interest in the Company to any person or entity, in his, her, or its sole discretion. Any transferee shall be admitted as a substitute Member upon execution of a written agreement to be bound by the terms of this Agreement.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"10","cflou":false,"active":true,"displayConditions":[{"field":"2d6d8f0a-6454-4281-9632-039e2e5cc351","value":"2","type":"remove","operator":"="}]},{"id":"16d7c6df-d549-495c-b90e-6905a58c4d47","order":59,"text":"7.1 Restrictions on Transfer. No Member shall, directly or indirectly, sell, assign, transfer, pledge, hypothecate, or otherwise dispose of (collectively, "Transfer") all or any portion of his, her, or its membership interest in the Company without the prior written consent of all other Members, which consent may be withheld in their sole and absolute discretion. Any Transfer in violation of this Section shall be null and void ab initio and of no force or effect.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"10","cflou":false,"active":true,"displayConditions":[{"field":"2d6d8f0a-6454-4281-9632-039e2e5cc351","value":"1","type":"remove","operator":"="}]},{"id":"beb15649-4777-458a-a035-ba94248fd400","order":60,"text":"7.2 Right of First Refusal. If a Member (the "Selling Member") receives a bona fide written offer from a third party (the "Third-Party Offer") to purchase all or any portion of such Member’s membership interest, the Selling Member shall promptly deliver written notice of such Third-Party Offer to the Company and the other Members, which notice shall include a copy of the Third-Party Offer. The Company and, if the Company does not exercise its right, the other Members (pro rata, in proportion to their respective ownership interests) shall have the right, but not the obligation, to purchase the membership interest on the same terms and conditions as set forth in the Third-Party Offer, by delivering written notice of such election within thirty (30) days after receipt of the notice of the Third-Party Offer.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"10","cflou":false,"active":true,"displayConditions":[{"field":"2d6d8f0a-6454-4281-9632-039e2e5cc351","value":"1","type":"remove","operator":"="}]},{"id":"2e62ae56-c5da-4191-b299-73f08ce8baef","order":61,"text":"7.3 Permitted Transfers. Notwithstanding Section 7.1, a Member may Transfer all or any portion of his, her, or its membership interest, without the consent of the other Members, to (a) the Member’s spouse, parent, sibling, child, or grandchild, (b) a trust for the exclusive benefit of any of the foregoing, or (c) an entity that is wholly owned and controlled by the Member, provided that any such transferee shall execute a joinder to this Agreement and agree to be bound by all of its terms.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"10","cflou":false,"active":true,"displayConditions":[{"field":"2d6d8f0a-6454-4281-9632-039e2e5cc351","value":"1","type":"remove","operator":"="}]},{"id":"b70b700c-399c-47b9-b02b-dcfbfb9daf12","order":62,"text":"7.4 Admission of New Members. No person or entity shall be admitted as a new Member of the Company without the unanimous written consent of all existing Members. Any new Member shall execute a counterpart of this Agreement and agree to be bound by all of its terms as a condition to admission.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"20","cflou":false,"active":true,"displayConditions":[{"field":"2d6d8f0a-6454-4281-9632-039e2e5cc351","value":"1","type":"remove","operator":"="}]},{"id":"9d9d0bb5-a129-45b8-a4f7-3aa50f0b4217","order":63,"text":"ARTICLE VIII — WITHDRAWAL, BUYOUT, AND DISSOCIATION","fontSize":"15","textAlign":"left","bold":true,"underline":true,"marginBottom":"10","cflou":false,"active":true,"displayConditions":[{"field":"2d6d8f0a-6454-4281-9632-039e2e5cc351","value":"1","type":"remove","operator":"="}],"marginTop":"10"},{"id":"22c94444-988e-40c3-ba62-b5b73906990f","order":64,"text":"8.1 Voluntary Withdrawal. No Member may voluntarily withdraw from the Company without the prior written consent of all other Members. Any attempted withdrawal in violation of this Section shall constitute a material breach of this Agreement.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"10","cflou":false,"active":true,"displayConditions":[{"field":"2d6d8f0a-6454-4281-9632-039e2e5cc351","value":"1","type":"remove","operator":"="}]},{"id":"0d705c5c-deb5-41d6-8c31-a56fba9e0bb6","order":65,"text":"8.2 Triggering Events. A Member shall be deemed to have offered his, her, or its entire membership interest for sale to the Company (and, if the Company does not purchase, to the other Members pro rata) upon the occurrence of any of the following events (each, a "Triggering Event"): (a) the death or permanent incapacity of the Member; (b) the bankruptcy or insolvency of the Member; (c) the divorce of the Member, to the extent such divorce would result in the transfer of all or any portion of the Member’s membership interest; or (d) any other event constituting a dissociation of the Member under the Act.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"10","cflou":false,"active":true,"displayConditions":[{"field":"2d6d8f0a-6454-4281-9632-039e2e5cc351","value":"1","type":"remove","operator":"="}]},{"id":"08ff0714-07e5-4866-811a-1b1ac77e7236","order":66,"text":"8.3 Purchase Price. The purchase price for a membership interest acquired pursuant to this Article VIII shall be the fair market value of such interest, determined as of the date of the Triggering Event by an independent appraiser mutually selected by the parties or, if the parties cannot agree, by an appraiser appointed pursuant to the rules of the American Arbitration Association.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"10","cflou":false,"active":true,"displayConditions":[{"field":"2d6d8f0a-6454-4281-9632-039e2e5cc351","value":"1","type":"remove","operator":"="}]},{"id":"05ccbcd4-d902-4824-9ba6-0a2fe2a3e75a","order":67,"text":"8.4 Payment Terms. The purchase price shall be paid, at the option of the purchaser, (a) in cash at closing, or (b) in equal annual installments over a period of up to five (5) years, with interest accruing on the unpaid balance at the prime rate published in The Wall Street Journal on the date of closing, plus two percent (2%).","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"20","cflou":false,"active":true,"displayConditions":[{"field":"2d6d8f0a-6454-4281-9632-039e2e5cc351","value":"1","type":"remove","operator":"="}]},{"id":"ac0978eb-7d7c-4d36-8739-4f89a97c04e6","order":68,"text":"ARTICLE IX — INDEMNIFICATION AND EXCULPATION","fontSize":"15","textAlign":"left","bold":true,"underline":true,"marginBottom":"10","cflou":false,"active":true,"marginTop":"10"},{"id":"68111d03-0604-4f44-9612-9401a6976b3c","order":69,"text":"9.1 Indemnification. To the fullest extent permitted by the Act, the Company shall indemnify and hold harmless each [Member, Manager, and officer] (each, an "Indemnified Person") from and against any and all losses, claims, damages, liabilities, costs, and expenses (including reasonable attorneys’ fees) arising out of or relating to any act or omission performed or omitted by such Indemnified Person in connection with the business and affairs of the Company, except to the extent such loss, claim, damage, liability, cost, or expense is attributable to the Indemnified Person’s gross negligence, willful misconduct, or knowing violation of law.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"10","cflou":false,"active":true},{"id":"e722a127-0e6b-4697-8d05-19823aa42d11","order":70,"text":"9.2 Advancement of Expenses. The Company shall, to the fullest extent permitted by the Act, advance reasonable attorneys’ fees and other expenses incurred by an Indemnified Person in defending any claim, action, suit, or proceeding for which indemnification may be sought, upon receipt of a written undertaking by such Indemnified Person to repay such amounts if it is ultimately determined that such Indemnified Person is not entitled to indemnification.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"10","cflou":false,"active":true},{"id":"170365e8-f4a8-4907-b746-e4a353a35d80","order":71,"text":"9.3 Exculpation. No Indemnified Person shall be liable to the Company or to any Member for any loss suffered by the Company or any Member arising out of any act or omission of such Indemnified Person in connection with the business and affairs of the Company, except to the extent such loss results from the Indemnified Person’s gross negligence, willful misconduct, or knowing violation of law.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"10","cflou":false,"active":true},{"id":"cfc9d0d0-1c48-4286-9f76-f600ca624cdd","order":72,"text":"9.4 Insurance. The Company may purchase and maintain insurance, at its expense, on behalf of any Indemnified Person against any liability that may be asserted against such Indemnified Person in connection with the business and affairs of the Company, whether or not the Company would have the power to indemnify such Indemnified Person against such liability under this Agreement.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"20","cflou":false,"active":true},{"id":"121077c7-7175-4365-bd86-e057dad48828","order":73,"text":"ARTICLE X — DISSOLUTION AND WINDING UP","fontSize":"15","textAlign":"left","bold":true,"underline":true,"marginBottom":"10","cflou":false,"active":true,"marginTop":"10"},{"id":"bfe58b1f-bbab-4836-8669-8e602c7c57e9","order":74,"text":"10.1 Events of Dissolution. The Company shall be dissolved and its affairs wound up upon the first to occur of the following events: (a) the [written consent of the Member / unanimous written consent of all Members]; (b) the entry of a judicial decree of dissolution under the Act; or (c) any other event causing dissolution under the Act that is not waived by the [Member/Members].","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"10","cflou":false,"active":true},{"id":"00d20907-92a3-42cd-bd89-b6a9313c7041","order":75,"text":"10.2 Winding Up. Upon dissolution, the Company shall cease carrying on its business, except as may be necessary to wind up its affairs, and shall promptly liquidate its assets and distribute the proceeds in the following order of priority: first, to the payment of all debts and liabilities of the Company (including amounts owed to creditors who are also Members) and the establishment of reasonable reserves for contingent liabilities; second, to the [Member/Members] in proportion to the positive balances in their respective capital accounts.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"10","cflou":false,"active":true},{"id":"bee85b99-8f21-4bb7-9dc9-b4953dbbbe76","order":76,"text":"10.3 Articles of Dissolution. Upon completion of the winding up of the Company, Articles of Dissolution (or equivalent termination document) shall be filed with the Secretary of State of [State] in accordance with the Act, and the Company shall thereupon be terminated.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"20","cflou":false,"active":true},{"id":"ed6aa15d-c578-409b-ab80-d31ebe1bade4","order":77,"text":"ARTICLE XI — GENERAL PROVISIONS","fontSize":"15","textAlign":"left","bold":true,"underline":true,"marginBottom":"10","cflou":false,"active":true,"marginTop":"10"},{"id":"2fbc7238-16a2-4d9f-b154-bf96ee22c377","order":78,"text":"11.1 Governing Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of [State], without regard to its conflict-of-laws principles.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"10","cflou":false,"active":true},{"id":"c0349d65-628d-4cc0-9ce6-483b8f3d3b3f","order":79,"text":"11.2 Dispute Resolution. Any dispute, claim, or controversy arising out of or relating to this Agreement, or the breach, termination, enforcement, interpretation, or validity thereof, shall be resolved by binding arbitration administered by the American Arbitration Association in accordance with its Commercial Arbitration Rules. The arbitration shall be conducted in [Arbitration City, State], and the language of the arbitration shall be English. Judgment on the award rendered by the arbitrator(s) may be entered in any court of competent jurisdiction.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"10","cflou":false,"active":true},{"id":"3b280d82-5a77-4da6-98ad-b4ac9bc64af9","order":80,"text":"11.3 Entire Agreement. This Agreement, together with the Articles and any schedules and exhibits hereto, constitutes the entire agreement of the [Member/Members] with respect to the subject matter hereof and supersedes all prior agreements, understandings, negotiations, and discussions, whether oral or written, relating thereto.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"10","cflou":false,"active":true},{"id":"54edc6a1-869e-4855-94f5-6f0f94bae368","order":81,"text":"11.4 Amendments. This Agreement may be amended only by a written instrument signed by [the Member / all Members].","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"10","cflou":false,"active":true},{"id":"9d9afac4-48d9-488c-a8ee-821b6ddabdd2","order":82,"text":"11.5 Severability. If any provision of this Agreement is held to be invalid, illegal, or unenforceable in any respect by a court of competent jurisdiction, such invalidity, illegality, or unenforceability shall not affect any other provision of this Agreement, and this Agreement shall be construed as if such invalid, illegal, or unenforceable provision had never been contained herein.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"10","cflou":false,"active":true},{"id":"cabfa509-87ca-42ef-812a-b10f873f2fdf","order":83,"text":"11.6 Counterparts. This Agreement may be executed in any number of counterparts (including by facsimile, electronic signature, or PDF), each of which shall be deemed an original, and all of which together shall constitute one and the same instrument.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"10","cflou":false,"active":true},{"id":"a9404e81-3370-4c3c-b8df-68f0031c0694","order":84,"text":"11.7 Successors and Assigns. This Agreement shall be binding upon, and shall inure to the benefit of, the parties hereto and their respective heirs, personal representatives, successors, and permitted assigns.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"10","cflou":false,"active":true},{"id":"b45bc0a2-c8ec-4987-9315-5ee679fe98dc","order":85,"text":"11.8 Headings. The headings used in this Agreement are for convenience of reference only and shall not affect the construction or interpretation of any provision hereof.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"10","cflou":false,"active":true},{"id":"5bd5c425-f15f-40b6-b5dd-a0b3f39307a4","order":86,"text":"11.9 No Third-Party Beneficiaries. Except as expressly provided herein, nothing in this Agreement, express or implied, is intended to or shall confer upon any person or entity, other than the parties hereto and their respective successors and permitted assigns, any legal or equitable right, benefit, or remedy of any nature whatsoever under or by reason of this Agreement.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"20","cflou":false,"active":true},{"id":"b20f3b93-20bd-4401-866c-323d06ded766","order":87,"text":"IN WITNESS WHEREOF, the undersigned [Member/Members] has/have executed this Operating Agreement as of the Effective Date first above written.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"20","cflou":false,"active":true},{"id":"94f28688-d313-4fc3-88e3-557f21a4f81d","order":88,"text":"Executed at [Signing City], on [Signing Date].","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"40","cflou":false,"active":true},{"id":"26cbe4d9-5f64-4c61-a629-9664016920c6","order":89,"text":"SOLE MEMBER:","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"20","cflou":false,"active":true,"displayConditions":[{"field":"2d6d8f0a-6454-4281-9632-039e2e5cc351","value":"2","type":"remove","operator":"="}]},{"id":"244d2e21-4564-43ec-ac4e-f265386cf080","order":90,"text":"____________________________________
[Member Name]","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"40","cflou":false,"active":true,"displayConditions":[{"field":"2d6d8f0a-6454-4281-9632-039e2e5cc351","value":"2","type":"remove","operator":"="}]},{"id":"5ff2aed3-1c41-468a-9078-5db20faa87c8","order":91,"text":"MEMBER 1:","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"20","cflou":false,"active":true,"displayConditions":[{"field":"2d6d8f0a-6454-4281-9632-039e2e5cc351","value":"1","type":"remove","operator":"="}]},{"id":"1ca2a0e1-332c-4e63-a34e-5c83ca4f072d","order":92,"text":"____________________________________
[Member 1 Name]","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"30","cflou":false,"active":true,"displayConditions":[{"field":"2d6d8f0a-6454-4281-9632-039e2e5cc351","value":"1","type":"remove","operator":"="}]},{"id":"0f17439c-166b-4469-846c-86d35d9817b2","order":93,"text":"MEMBER 2:","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"20","cflou":false,"active":true,"displayConditions":[{"field":"2d6d8f0a-6454-4281-9632-039e2e5cc351","value":"1","type":"remove","operator":"="}]},{"id":"d30c45c9-9700-4ad0-9bae-77e09428a7b8","order":94,"text":"____________________________________
[Member 2 Name]","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"30","cflou":false,"active":true,"displayConditions":[{"field":"2d6d8f0a-6454-4281-9632-039e2e5cc351","value":"1","type":"remove","operator":"="}]},{"id":"ec19f1b3-8501-4b7b-9d99-f8aa83fda52a","order":95,"text":"MEMBER 3:","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"20","cflou":false,"active":true,"displayConditions":[{"field":"5724da08-935f-4c38-8efe-f451b1694cc8","value":"3","type":"add","operator":"="},{"field":"5724da08-935f-4c38-8efe-f451b1694cc8","value":"4","type":"add","operator":"="}]},{"id":"f450879b-a41a-48c3-a22d-cb385dcae385","order":96,"text":"____________________________________
[Member 3 Name]","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"30","cflou":false,"active":true,"displayConditions":[{"field":"5724da08-935f-4c38-8efe-f451b1694cc8","value":"3","type":"add","operator":"="},{"field":"5724da08-935f-4c38-8efe-f451b1694cc8","value":"4","type":"add","operator":"="}]},{"id":"9064db8b-5fe5-4843-a0b2-f440e48feeec","order":97,"text":"MEMBER 4:","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"20","cflou":false,"active":true,"displayConditions":[{"field":"5724da08-935f-4c38-8efe-f451b1694cc8","value":"4","type":"add","operator":"="}]},{"id":"e3ce18a4-9a53-4732-8b7d-a151565ead97","order":98,"text":"____________________________________
[Member 4 Name]","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"40","cflou":false,"active":true,"displayConditions":[{"field":"5724da08-935f-4c38-8efe-f451b1694cc8","value":"4","type":"add","operator":"="}]},{"id":"ed8c47af-f0bb-4bfa-8c86-718b5c740f9c","order":99,"text":"SCHEDULE A — MEMBERS, CONTRIBUTIONS, AND OWNERSHIP INTERESTS","fontSize":"15","textAlign":"center","bold":true,"underline":true,"marginBottom":"20","cflou":false,"active":true,"displayConditions":[{"field":"2d6d8f0a-6454-4281-9632-039e2e5cc351","value":"1","type":"remove","operator":"="}],"marginTop":"30"},{"id":"881cfed4-bfe2-4976-9bc7-e919376d13e4","order":100,"text":"(As of the Effective Date)","fontSize":"12","textAlign":"center","bold":false,"underline":false,"marginBottom":"20","cflou":false,"active":true,"displayConditions":[{"field":"2d6d8f0a-6454-4281-9632-039e2e5cc351","value":"1","type":"remove","operator":"="}]},{"id":"2cfe387b-d270-4c4a-affb-7caed8f67812","order":101,"text":"Member 1: [Member 1 Name] — Address: [Member 1 Address] — Capital Contribution: $[Capital] — Ownership: [%]%","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"10","cflou":false,"active":true,"displayConditions":[{"field":"2d6d8f0a-6454-4281-9632-039e2e5cc351","value":"1","type":"remove","operator":"="}]},{"id":"01d3975a-d3ad-4dd1-82b5-1c5eaf768fd9","order":102,"text":"Member 2: [Member 2 Name] — Address: [Member 2 Address] — Capital Contribution: $[Capital] — Ownership: [%]%","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"10","cflou":false,"active":true,"displayConditions":[{"field":"2d6d8f0a-6454-4281-9632-039e2e5cc351","value":"1","type":"remove","operator":"="}]},{"id":"45be1bb6-62ef-4573-9ccd-808bd603c72d","order":103,"text":"Member 3: [Member 3 Name] — Address: [Member 3 Address] — Capital Contribution: $[Capital] — Ownership: [%]%","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"10","cflou":false,"active":true,"displayConditions":[{"field":"5724da08-935f-4c38-8efe-f451b1694cc8","value":"3","type":"add","operator":"="},{"field":"5724da08-935f-4c38-8efe-f451b1694cc8","value":"4","type":"add","operator":"="}]},{"id":"9aab97d3-fe67-46a9-855c-c14aad154155","order":104,"text":"Member 4: [Member 4 Name] — Address: [Member 4 Address] — Capital Contribution: $[Capital] — Ownership: [%]%","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"20","cflou":false,"active":true,"displayConditions":[{"field":"5724da08-935f-4c38-8efe-f451b1694cc8","value":"4","type":"add","operator":"="}]},{"id":"e0fe862c-8700-4bee-8387-54af34dd4524","order":105,"text":"This Operating Agreement was generated on captain.legal — All rights reserved.","fontSize":"10","textAlign":"center","bold":false,"underline":false,"marginBottom":"0","cflou":false,"active":true,"isFooter":true}]