The Connecticut Operating Agreement form is a crucial document for limited liability companies (LLCs) in the state, outlining the management structure and operational guidelines. This agreement serves to protect the interests of the members and clarify their rights and responsibilities. Having a well-drafted Operating Agreement can help prevent disputes and ensure smooth business operations.
The Connecticut Operating Agreement form serves as a crucial document for Limited Liability Companies (LLCs) operating within the state. This form outlines the structure and management of the LLC, detailing the rights and responsibilities of its members. It addresses key aspects such as profit distribution, decision-making processes, and procedures for adding or removing members. By clearly defining these elements, the Operating Agreement helps prevent disputes among members and provides a framework for the company’s operations. Additionally, it can include provisions related to the dissolution of the LLC, ensuring that all members are aware of their obligations and entitlements should the company cease operations. The form is not only a legal requirement but also a practical tool that enhances transparency and accountability among members, making it an essential component of any LLC’s formation and governance in Connecticut.
Connecticut Operating Agreement Template
This Operating Agreement ("Agreement") is made and entered into as of this ___ day of ________, 20__, by and among the following members:
This Agreement is intended to govern the operations and management of the limited liability company established under the laws of the State of Connecticut, specifically governed by the Connecticut Limited Liability Company Act, Conn. Gen. Stat. § 34-100 et seq.
Article I: Formation
The Members hereby form a Limited Liability Company (“LLC”) under the laws of the State of Connecticut. The name of the LLC shall be: ____________________.
Article II: Purpose
The purpose of the LLC is to engage in any lawful act or activity for which limited liability companies may be organized in Connecticut.
Article III: Principal Office
The principal office of the LLC shall be located at: ____________________.
Article IV: Term
The term of the LLC shall commence on the date of filing of the Certificate of Organization with the Connecticut Secretary of State and shall continue until dissolved in accordance with this Agreement.
Article V: Management
The LLC shall be managed by: ____________________ (select one: Members or Manager). If managed by a Manager, the Manager’s name shall be: ____________________.
Article VI: Membership Interest
Article VII: Distributions
Distributions shall be made to the Members at such times and in such amounts as determined by the Members in proportion to their Membership Interests.
Article VIII: Amendments
This Agreement may be amended only by a written agreement signed by all Members.
Article IX: Indemnification
The LLC shall indemnify any Member or Manager for any expenses or liabilities incurred in connection with the LLC, provided that such indemnification shall not apply to matters arising from that individual's gross negligence or willful misconduct.
In witness whereof, the Members have executed this Operating Agreement as of the date first above written.
_____________________________
Name of Member 1
Name of Member 2
Name of Member 3
Name of Member 4
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When filling out and using the Connecticut Operating Agreement form, it is essential to understand several key points. This agreement serves as a foundational document for your business entity, outlining the management structure and operational procedures. Here are some important takeaways:
By carefully considering these aspects, you can create a comprehensive Operating Agreement that serves the best interests of your business and its members.