Overview
The Kansas Operating Agreement form is a crucial document for anyone looking to establish a limited liability company (LLC) in the state of Kansas. This agreement outlines the internal operations of the LLC, detailing how the business will be managed and how decisions will be made. It serves as a roadmap for the members, addressing key aspects such as ownership percentages, profit distribution, and the roles of each member. Additionally, the form can include provisions for handling disputes and procedures for adding or removing members. By clearly defining these elements, the Operating Agreement helps prevent misunderstandings and conflicts down the line, ensuring that all members are on the same page. It is essential for both new and existing LLCs to have a well-drafted Operating Agreement to protect their interests and streamline their operations.
Document Sample
Kansas Operating Agreement
This Operating Agreement, dated ________ (the "Effective Date"), is made and entered into by and among the members listed in Attachment A, each of whom is a member of ________ ("Company"), a Kansas Limited Liability Company. This agreement is governed by and shall be construed in accordance with the laws of the State of Kansas, specifically the Kansas Revised Limited Liability Company Act.
Article I: The Company
1.1 Name: The name of the company is ________.
1.2 Principal Office: The principal office of the company shall be located at ________, or such other place as the members may from time to time designate.
1.3 Registered Agent: The name and address of the registered agent in the State of Kansas is ________.
Article II: Members
2.1 Membership: The members of the company shall be the signatories to this agreement and any additional persons admitted to membership as provided herein.
2.2 Capital Contributions: Each member has contributed capital to the company as described in Attachment B attached hereto.
2.3 Voting Rights: Each member shall be entitled to vote on matters as set forth in this agreement, with voting power as described in Attachment C attached hereto.
Article III: Management
The management of the company shall be vested in its members in accordance with the laws of the State of Kansas. Decisions shall be made by a majority vote unless otherwise specified in this agreement.
Article IV: Profits and Distributions
4.1 Distribution of Profits: The company's net profits shall be distributed to the members annually or at such other times as the members may decide. Each member's share of the profits shall be in proportion to their respective capital contributions as detailed in Attachment B.
Article V: Transfer of Membership Interest
Members may not transfer their membership interest in the company without the written consent of all other members, subject to the terms and conditions as may be set forth in this agreement.
Article VI: Dissolution
The company may be dissolved at any time by agreement of the members owning a majority of the company's interest. Upon dissolution, the company's assets shall be distributed to the members in proportion to their respective interests in the company, after paying or making provision for all debts and liabilities of the company.
Signatures
This agreement has been executed by the parties on the dates indicated below:
- Member Name: ________ - Date: ________
- Member Name: ________ - Date: ________
- Member Name: ________ - Date: ________
Form Features
| Fact Name | Description |
|---|---|
| Purpose | The Kansas Operating Agreement outlines the management structure and operational guidelines for a limited liability company (LLC). |
| Governing Law | This agreement is governed by the Kansas Limited Liability Company Act, specifically K.S.A. 17-7662 et seq. |
| Members' Rights | The agreement defines the rights and responsibilities of the members, including voting rights and profit distribution. |
| Management Structure | It specifies whether the LLC will be managed by its members or by appointed managers. |
| Amendments | Provisions for amending the agreement can be included, detailing how changes can be made in the future. |
| Dispute Resolution | The agreement may outline methods for resolving disputes among members, such as mediation or arbitration. |
| Duration | The operating agreement can specify the duration of the LLC, whether it is perpetual or for a set term. |
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