The Montana Operating Agreement form is a legal document that outlines the management structure and operational procedures of a limited liability company (LLC) in Montana. This agreement serves as a foundational blueprint for the LLC, detailing the rights and responsibilities of its members. Understanding this form is essential for ensuring compliance with state regulations and fostering clear communication among members.
In the realm of business formation, particularly for limited liability companies (LLCs) in Montana, the Operating Agreement form serves as a crucial document that outlines the internal workings of the company. This agreement is not merely a formality; it defines the roles and responsibilities of members, establishes the procedures for decision-making, and delineates how profits and losses will be shared among owners. Additionally, it addresses important aspects such as the process for adding new members, handling disputes, and what happens if a member wishes to leave the company. By providing a clear framework, the Operating Agreement helps prevent misunderstandings and conflicts down the line. Moreover, it is essential for ensuring compliance with state regulations, thereby safeguarding the interests of all parties involved. Without this document, an LLC may face challenges that could jeopardize its operations and legal standing. Given the significance of this agreement, understanding its components and implications is vital for anyone looking to establish or manage a business in Montana.
Montana Operating Agreement Template
This Montana Operating Agreement, made this ______ day of __________, 20____, is intended to organize _______________ LLC, herein referred to as the "Company," pursuant and subject to the Montana Limited Liability Company Act (Mont. Code Ann. § 35-8-101 et seq.). The undersigned members (hereinafter referred to as "Member(s)") agree to the following terms and conditions:
Article I: Company Formation
The Company named _______________ LLC was formed on the ______ day of __________, 20____, by filing the Articles of Organization with the Montana Secretary of State in compliance with the Montana Limited Liability Company Act.
Article II: Name and Principal Place of Business
The Company's official name is _______________ LLC. The principal place of business is located at _____________________________________________, Montana, or at any other place(s) as the Member(s) may later designate.
Article III: 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 Montana Limited Liability Company Act.
Article IV: Duration
The duration of the Company shall be perpetual unless dissolved according to this Agreement.
Article V: Membership
The Company initially has the following Member(s):
Article VI: Capital Contributions
Each Member has contributed the following capital to the Company:
Article VII: Distribution of Profits and Losses
Profits and losses shall be allocated and distributed among the Member(s) according to their respective percentage of ownership in the Company or as otherwise agreed in writing.
Article VIII: Management
The Company is managed by its Member(s). Each Member has authority to bind the Company in transactions and shall have an equal vote in decision-making processes. Specific roles and responsibilities can be designated by mutual agreement of the Member(s).
Article IX: Membership Changes
Upon the event of a Member wishing to exit the Company, retire, or in the case of death or incapacitation, the remaining Member(s) shall have the right of first refusal to purchase the outgoing Member's interest as per the terms agreed upon by all Member(s).
Article X: Dissolution
The Company may be dissolved upon the unanimous consent of the Member(s) or as required by the Montana Limited Liability Company Act. Upon dissolution, the Company's assets shall be liquidated, and outstanding debts shall be paid. Any remaining assets will be distributed amongst the Member(s) according to their ownership percentages.
Article XI: Governing Law
This Agreement shall be governed by and construed in accordance with the laws of the State of Montana.
IN WITNESS WHEREOF, the Member(s) have executed this Operating Agreement as of the first date written above.
Member Signature: __________________________________
Member Name: ______________________________________
Date: _____________________________________________
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