LLC Operating Agreement

The following is a sample LLC (limited liability company) operating agreement created in accordance with the guidelines set out by the Beverly-Killea Limited Liability Company Act as set forth in Title 2.5 (commencing with section 17000) of the Corporations Code of the State of California. The headings in the table of contents are: formation; members, capital contributions, capital accounts; membership certificates; profits, losses, tax allocations and distributions; accounting and reports; management of company; meetings; limitation of liability; dissolution, winding up and termination; prohibitions on transfer; right of first refusal; and miscellaneous provisions. The document greatly simplifies the process of drawing up an LLC operating agreement, leaving information specific to the company blank (names of founders, name of company, etc) while more general terms of the contract are left in.