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Preview - Ohio Operating Agreement Form
Ohio Operating Agreement Template
This Operating Agreement is made effective as of [Date], by and among the following Members:
- [Member Name 1], Address: [Address]
- [Member Name 2], Address: [Address]
- [Member Name 3], Address: [Address]
This Agreement is established in accordance with the laws of the State of Ohio, specifically under Ohio Revised Code § 1705, which governs Limited Liability Companies (LLCs).
Article I: Formation
1. The Members hereby agree to form a Limited Liability Company (the "Company") under the name [Company Name], pursuant to the laws of the State of Ohio.
Article II: Purpose
The purpose of the Company is to [describe the primary purpose of the LLC, e.g., engage in [business type] and any other lawful activities permitted under Ohio law].
Article III: Membership Interests
3.1 Members and Ownership:
- [Member Name 1]: [Percentage %]
- [Member Name 2]: [Percentage %]
- [Member Name 3]: [Percentage %]
3.2 Capital Contributions: Each Member shall contribute the following initial capital:
- [Member Name 1]: $[Amount]
- [Member Name 2]: $[Amount]
- [Member Name 3]: $[Amount]
Article IV: Management
4.1 Management Structure: The Company shall be managed by its Members. Decisions will be made by a majority vote of the Membership.
Article V: Distributions
Distributions of the Company’s profits shall occur annually and shall be made to Members according to their percentage interests as outlined in Section 3.1.
Article VI: Indemnification
The Company shall indemnify each Member and Manager to the fullest extent permitted by Ohio law. This includes protecting them against any expenses or liabilities incurred in their official capacities.
Article VII: Amendment
This Operating Agreement may be amended only by a written agreement signed by all Members.
Article VIII: Governing Law
This Agreement shall be governed by and construed in accordance with the laws of the State of Ohio.
IN WITNESS WHEREOF, the Members have executed this Operating Agreement on the date first above written.
_____________________________
[Member Name 1]
_____________________________
[Member Name 2]
_____________________________
[Member Name 3]
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Similar forms
- Bylaws: Similar to an Operating Agreement, bylaws outline the internal rules and procedures for managing a corporation. They cover aspects such as the responsibilities of officers, meeting protocols, and voting procedures.
- Partnership Agreement: This document defines the relationship between partners in a business. Like an Operating Agreement, it specifies each partner's contributions, profit-sharing arrangements, and the process for resolving disputes.
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- Shareholder Agreement: This agreement is used by corporations to outline the rights and obligations of shareholders. It includes provisions for buying and selling shares, similar to how an Operating Agreement details ownership interests in an LLC.
- Membership Agreement: This document is often used in membership-based organizations. It establishes the rights and responsibilities of members, akin to how an Operating Agreement defines the roles of members in an LLC.