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Managed Business LLC

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Managed Business LLC General Business Services Agreement

This General Business Services Agreement ("Agreement") is entered into as of Effective Date: by and between Manager: Managed Business LLC, a limited liability company organized under applicable law, and Client Name: .

WHEREAS

WHEREAS, Managed Business LLC has experience and expertise in providing business management, administrative and consulting services described herein; and

WHEREAS, Client desires to engage Managed Business LLC to perform certain services for Client on the terms and conditions set forth in this Agreement; and

NOW, THEREFORE, in consideration of the mutual promises contained herein and other good and valuable consideration, the parties agree as follows.

Parties and Contact Information

Scope of Work

Managed Business LLC shall provide the services described below. The parties agree that the scope may be adjusted by written amendment signed by both parties.

Payment Terms

Client shall pay Manager compensation as set forth below. All fees are payable in United States dollars and are exclusive of taxes, unless otherwise required by law.

Any amounts not paid when due shall accrue interest at the lesser of one percent (1%) per month or the highest rate permitted by law. In addition, Client shall reimburse Manager for reasonable collection costs, including attorneys' fees.

Term and Termination

This Agreement shall commence on Start Date: and shall continue until End Date: , unless earlier terminated in accordance with this Agreement.

Either party may terminate this Agreement for convenience upon written notice to the other party at least days prior to the effective date of termination. Manager may terminate immediately for cause if Client materially breaches any obligation and fails to cure within fifteen (15) days after written notice.

Confidentiality

"Confidential Information" means all non-public information disclosed by one party to the other, whether oral, written or electronic, that is designated as confidential or that reasonably should be understood to be confidential given the nature of the information and the circumstances of disclosure. The recipient shall (a) hold all Confidential Information in strict confidence, (b) use Confidential Information solely to perform its obligations under this Agreement, and (c) not disclose Confidential Information to any third party except to its employees, agents or contractors who have a need to know and who are bound by confidentiality obligations at least as protective as those herein.

Confidentiality obligations shall survive termination of this Agreement for a period of three (3) years, except that trade secrets shall be protected for so long as they remain trade secrets under applicable law.

Intellectual Property and Work Product

Unless otherwise agreed in writing, all deliverables and work product created by Manager in the performance of services hereunder shall be the property of Client upon full payment of fees owed to Manager. Manager retains the right to use general skills, know-how and methodologies developed in connection with performing services, provided no Confidential Information of Client is used or disclosed.

Indemnification

Each party shall indemnify, defend and hold harmless the other party from and against any third-party claims, liabilities, losses, damages and expenses arising out of the indemnifying party's breach of this Agreement, negligence or willful misconduct. The indemnified party shall give prompt written notice of any claim and shall cooperate in the defense.

Governing Law

This Agreement shall be governed by and construed in accordance with the laws of the State of , without regard to its conflicts of law principles.

Entire Agreement

This Agreement, together with any schedules or attachments expressly incorporated herein, constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior and contemporaneous written and oral agreements, proposals and communications. Any modification must be in writing and signed by both parties.

Miscellaneous

If any provision of this Agreement is held invalid or unenforceable, the remaining provisions shall remain in full force and effect. Neither party may assign this Agreement without the prior written consent of the other, except that Manager may assign to an affiliate or in connection with a sale of substantially all of its assets.

Notices hereunder shall be in writing and delivered to the addresses set forth above or to such other addresses as the parties may designate in writing.

Manager (Managed Business LLC):

By:

Date:

Client:

By:

Date:

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What a Managed Business LLC Is and how it functions

Managed Business LLC is a limited liability company organized so that designated manager(s) handle daily operations and decision-making on behalf of the members. The entity relies on an operating agreement to set management authority, capital contributions, profit allocation, voting rules, transfer restrictions, dispute resolution, and dissolution procedures. Formation requires filing articles of organization with the state secretary of state and obtaining any applicable tax registrations. Electronic execution of formation documents and operating agreements is generally valid under federal and state e-signature law (ESIGN, 15 U.S.C. ch. 96) and UETA where adopted.

Why organizations choose a Managed Business LLC structure

A Managed Business LLC clarifies who controls operations while preserving member limited liability, documents economic rights and transfer rules, and creates an enforceable framework for investors and lenders. A written operating agreement reduces disputes and supports remote execution and record retention under ESIGN and state electronic transaction laws.

Why organizations choose a Managed Business LLC structure

Who typically prepares and signs these documents

Managers, members, attorneys, and accountants commonly prepare or review Managed Business LLC formation and operating agreement documents.

  • Small business owners forming a manager-managed LLC for operational clarity and to limit member liability.
  • Investors and venture partners reviewing governance, capital allocation, and transfer restrictions before contribution.
  • Corporate counsel or outside attorneys preparing bespoke operating agreement language and risk allocations.

Different stakeholders engage at formation, amendment, and dissolution stages; documentation and signatures protect governance and support compliance with state law.

Core components to include in a professional Managed Business LLC

A complete Managed Business LLC package centers on management authority, economic terms, member rights, and dispute processes; each section should be clear, enforceable, and consistent with state LLC statute.

Management Structure

Specify whether the LLC is manager-managed, list manager powers and limits, decision thresholds, and any reserved member actions to prevent ambiguity in operational authority.

Capital & Contributions

Describe member capital contributions, capital accounts, future funding obligations, and procedures for additional capital calls and consequences for nonpayment.

Profit & Distributions

Define allocation of profits and losses, timing and priority of distributions, and any preferred returns or special allocation rules for classes of members.

Transfer Restrictions

Include restrictions on transfers, right of first refusal, buy-sell mechanics, and admission standards for new members to maintain control.

Governance & Voting

Set voting rights, quorum rules, supermajority thresholds for key decisions, and procedures for meetings, written consents, and manager removal.

Dissolution & Exit

Establish dissolution triggers, winding-up priorities, distribution waterfall on liquidation, and procedures for voluntary sale or merger of the business.

Required identity and entity information

Entity Name: Exact legal name
Registered Agent: Name and address
Principal Office: Street address
Manager(s): Full names
Member Contributions: Capital amounts
EIN: Employer ID number

Step-by-step: complete formation and operating agreement

Follow these core steps to form a Managed Business LLC and finalize governance documents before commencing operations.

  • 01
    Gather Information: Collect names, addresses, and capital amounts.
  • 02
    Draft Operating Agreement: Customize management, distributions, and transfer rules.
  • 03
    File Articles: Submit articles of organization to state SoS.
  • 04
    Register & Bank: Obtain EIN and open business bank account.

Configure an online workflow for executing LLC documents

When completing and routing formation documents online, set authentication and reminders to match your compliance and recordkeeping needs.

Field Configuration
Authentication Method Email link, SMS code, or KBA
Reminder Schedule Set 3 reminders over two weeks
Template Name Save a named operating agreement version
Integrations Connect CRM or document storage

Where to send or file each document

Routing varies by document type; use the following destinations as a general filing and distribution map for Managed Business LLC paperwork.

  • State Filing: Submit articles to the secretary of state.
  • Registered Agent: Provide executed documents to the agent for service.
  • Members: Send executed operating agreement copies to all members.
  • Tax Agencies: Register for EIN and state tax accounts.

Digital signing and integration considerations

Choose an e-signature platform that supports secure authentication, audit trails, and storage compatible with your retention policy.

  • Authentication: Email, SMS, or KBA
  • File Formats: PDF and DOCX support
  • Integrations: Salesforce, NetSuite, Google Workspace

Typical filing and compliance timeframes to track

Key deadlines are state dependent; track filings, tax registrations, and recurring reports to remain in good standing.

Articles Filing:

File at formation; processing varies by state and service level.

Operating Agreement Effective Date:

Effective on the date specified or on formation if the agreement states so.

EIN Registration:

Obtain immediately after formation before hiring or opening bank accounts.

Local Licenses:

Secure city or county business licenses before operations begin.

Annual Reports:

Recurring filing required; frequency and deadlines depend on state rules.

Principal penalties and legal risks from incorrect documents

Late Filing: State fines and loss of good standing
Incorrect EIN: Tax reporting delays and possible withholding
Missing Signatures: Questionable enforceability of agreements
Unregistered Activities: Licensing sanctions or penalties
Tax Penalties: 1099/withholding penalties under IRC §6721
Personal Liability: Loss of liability protection for improper formalities

Common mistakes to avoid when preparing Managed Business LLC documents

  • Using inconsistent entity names across filings, bank accounts, and contracts which causes delays and administrative rejection.
  • Failing to adopt or sign an operating agreement promptly, leaving management authority and capital obligations unclear.
  • Listing an incorrect registered agent address or using a P.O. box that the state does not accept for service.
  • Neglecting required local licenses or tax registrations before commencing business activity, risking fines or suspension.

Who is authorized to sign on behalf of the Managed Business LLC

Company Manager

The named manager in the operating agreement typically signs formation amendments, contracts, and bank documents. If multiple managers exist, the agreement should state whether a single manager can bind the LLC or whether collective approval is required.

Registered Agent

The registered agent accepts legal service and may sign acknowledgements for filings when authorized. The agent is not usually a decision-maker unless explicitly granted that authority in the operating agreement.

Real-world examples of electronic execution in practice

Organizations often complete formation and governance documents remotely; the examples below show how others streamline that work without in-person signing.

Tim Martin — Martin Properties

Martin Properties used online-signing for formation and lease paperwork to speed transactions.

  • Reduced in-person steps and improved turnaround.
  • I can process and execute all of these documents online with 100% compliance and built-in security. Whether on mobile or working offline, I can get forms back to their necessary parties efficiently.

Dan Rotelli — BIS

BIS relied on digital workflows for internal and external customer interactions and approvals.

  • Accelerated contract completion and revenue recognition.
  • We felt most comfortable with airSlate SignNow given their SOC 2 certification and strict focus on ESIGN and UETA act compliance.

Typical eSignature pricing and capability snapshot for Managed Business LLC documents

Compare entry-level pricing and a few key capabilities that affect volume signing and compliance; signNow appears first for vendor alignment in this table.

signNow DocuSign Adobe Sign PandaDoc HelloSign
Starting Price $8/user/mo $15/user/mo $14/user/mo $19/user/mo $15/user/mo
Free Trial 7-day free trial Varies Varies Varies Varies
Bulk Send Yes Yes Yes Yes No
Audit Trail Yes Yes Yes Yes Yes
HIPAA Compliant Yes Yes Yes No No

Frequently asked questions about forming and signing a Managed Business LLC

Answers below address common legal, filing, and electronic signing questions encountered when creating or updating a Managed Business LLC.


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