You can download, edit and adapt this free business agreement template, making it easy to tailor-fit to your unique business needs. Available in both DOCX and PDF formats, our LLC partnership agreement sample provides a solid starting point for any company. So, take the first step in formalizing your business by using our freely available downloadable business contract sample.
1. PurposeThis Limited Liability Company, hereinafter referred to as the “Company”, is organized for the purpose of engaging in any lawful activity under the [Insert the name of the state] Limited Liability Company Act. The specific activities to be engaged in by the Company shall be [Insert the nature of the business].
2. MembershipThe members of the Company are [Insert names of all members]. Each member’s initial contribution, ownership percentage, and specific roles and responsibilities within the Company are as detailed in Attachment A. Each member agrees to abide by the terms and conditions outlined in this Agreement and to perform any and all actions necessary for the continuation of the Company.
3. Management StructureThe Company will be [select either ‘member-managed’ or ‘manager-managed’]. The managers or members, as applicable, will have full authority and discretion to manage and control the business affairs and decision-making of the Company, subject to the restrictions and obligations specified in this Agreement.
4. MeetingsRegular meetings of the members will be held annually on [Insert date], or at any other time as determined by the members. Special meetings may be called by any member upon [Insert required notice period] notice to all other members. All decisions requiring consensus or voting will be decided by a majority vote of the members, unless otherwise specified in this Agreement.
5. Capital ContributionsEach member’s initial capital contribution to the Company is as detailed in Attachment A. Additional capital contributions may be made by members as agreed upon in writing. The Company may borrow funds from any source, including members, provided such borrowing is approved by a majority vote of the members.
6. Profit DistributionProfits and losses shall be allocated and distributed to the members in proportion to their respective ownership interests in the Company, or in accordance with any other formula agreed upon by all members and documented in writing.
7. DissolutionThe Company may be dissolved upon the occurrence of any event specified in the [Insert name of the state] Limited Liability Company Act, or by a majority vote of the members. Upon dissolution, the assets of the Company will be used to pay off any outstanding debts and obligations, with any remaining assets distributed among the members in proportion to their ownership interests.
8. Dispute ResolutionAny disputes arising out of or in connection with this Agreement shall be resolved by arbitration in accordance with the rules of the [Insert name of arbitration service]. The decision of the arbitrator(s) shall be final and binding on all parties.
9. MiscellaneousThis Agreement shall be governed by and construed in accordance with the laws of the state of [Insert name of state]. Any amendments to this Agreement must be in writing and signed by all members.
IN WITNESS WHEREOF, the undersigned members have executed this Agreement as of the date first above written. ______________________ [Insert Member 1 Name] ______________________ [Insert Member 2 Name] (Add additional signature lines as necessary)
Other Useful ContractsIf you’ve found the LLC Business Agreement Template essential for your business needs, you’ll likely find the Partnership Business Agreement Template equally as invaluable. The partnership agreement template is a practical tool that helps establish the terms and conditions of a business partnership. Just like with an LLC, this form of agreement is crucial to making sure each party’s responsibilities are clearly defined, minimizing possible legal disputes in the future.
In addition, if your business requires financial assistance or if you’re considering lending money to a business, the Loan Business Agreement Template can be a helpful resource. This template allows you to clearly outline the terms of the loan, such as payment schedule, interest rates, and what happens in case of default. This can save confusion and disagreements down the road.
Another related resource that could be useful is the Termination of Business Agreement Template. This template can help pave the way for a smooth transition when ending a business relationship. It ensures that both parties are aware and in agreement of the terms surrounding termination, protecting both parties from unexpected liability.
Lastly, if your business needs extend to selling or buying another business, the Sale of Business Agreement Template might be of interest. Much like the LLC agreement, this type of contract delineates all aspects of the sale process, including price, closing details, and any representations or warranties. Missing this critical document could lead to misunderstandings that could jeopardize an otherwise smooth transaction.