Simplify Your Billing Terms and Conditions Template for Operations

Billing terms and conditions template for Operations

[Music] if you're planning to have a manager run the day-to-day operations to your LLC while you and your fellow owners take more of an investor role you'll need an operating agreement that reflects your management structure and like all of the forms in our library our manager managed LLC operating agreement template is free and can be downloaded from our website so let's take a look just so you know how to fill it out and exactly what you're signing up for this isn't filed with the state but it is an essential document think of it as the laws for your LLC providing a framework for solving any issues let's start at the top where you'll fill in your business name following this article one affirms that the LLC has been or will be formed with the state it lists key business information as well as situations that can end the business and how members could continue the LLC member is the term for the owner of an LLC this article also explains how to add more owners section S Notes that all members should be listed in exhibit two of this agreement you'll fill in the date list all of the owners with their ownership percentage and address then have them sign the document since this is an internal document owners can keep their privacy article two covers Capital contributions the money or other assets the LLC members contribute to their ownership interests you'll calculate the total in exhibit three so let's skip down there list the money and other assets along with their value and calculate the total you'll need to date the document and have your members sign it list the total in section 2.1 the next article explains something we think you'll find pretty important how how and when you get your money profits and losses are determined and allocated annually after you pay expenses and any liabilities you can make distributions in proportion to ownership interest article four covers management or how managers are chosen and what the responsibilities and Duties are members can vote on one or more managers and elect one as chief executive manager once you've decided on your managers you'll list their information in exhibit one and have the members sign the document showing that they agree to the managers after that members leave the management control and operations to the managers this article assigns responsibilities to managers such as making decisions executing contracts and agreements keeping records or responding to member requests for information the chief executive manager is responsible for primary operations as well as carrying out decisions of other managers another important piece of this article is that managers are not liable for losses or damages to the LLC resulting from decisions or actions made in good faith this means that in the case of lawsuits or other actions the LLC covers losses from expenses or judgments for those acting in good faith for the best interest of the LLC managers are entitled to both compensation as well as reimbursement for any out-of-pocket LLC expenses and that's the entire point of Article 5 bookkeeping is a task that LLC owners delegate to their managers but article 6 gives specifics the manager needs to keep separate capital and distribution accounts for each member and keep the books on a calendar year at at the end of the year the manager should close the books and provide a statement for each member if a member decides to leave the LLC and transfer their interest to someone else this section will provide guidelines such as giving members first shot at the purchase and noting that members must unanimously approve a sale for the new recipient to receive voting rights this section also aims to maintain a fair value for membership interest members can choose to end the LLC the last article goes over the process of dissolution if the company is dissolved the LLC is responsible POS for paying debts before making any distributions to members after this is the certification of the members where each member will need to sign to acknowledge that they agree to the terms of the operating agreement now that you have it all filled out your LLC has a guideline for how it should be run that you can refer to whenever necessary we hope you found this process easy and intuitive and we wish you the best of luck in your business Journey