Structure
The Wisconsin Operating Agreement form serves as a crucial document for members of a limited liability company (LLC) in the state of Wisconsin. This agreement outlines the internal workings of the LLC, detailing the rights and responsibilities of its members while establishing the framework for management and operations. It addresses key aspects such as ownership percentages, profit distribution, and decision-making processes. Moreover, the agreement can include provisions for adding new members, handling disputes, and outlining procedures for dissolution if necessary. By clearly defining these elements, the Operating Agreement helps to prevent misunderstandings and conflicts among members, fostering a collaborative environment. Overall, this document is essential for ensuring that all members are on the same page regarding the governance of the LLC, making it a foundational piece of any successful business venture in Wisconsin.
Form Example
Wisconsin Operating Agreement Template
This Operating Agreement, herein referred to as the "Agreement," is entered into by and among the members of _____________ ("Company"). The Company is organized as a Limited Liability Company ("LLC") under the laws of the State of Wisconsin, pursuant to the Wisconsin Limited Liability Company Act (the "Act"). This Agreement is intended to structure the financial and managerial rights and duties of the members, as outlined herein and in accordance with the Act.
The members hereby agree as follows:
- Name and Principal Place of Business
The name of the LLC is _____________, and its principal place of business is located at _____________, Wisconsin, or at any other place(s) as the members may from time to time designate.
- Term
The term of the LLC commences on _____________ and shall continue until dissolved as provided in this Agreement or applicable Wisconsin law.
- Purpose
The purpose of the LLC is to engage in any lawful act or activity for which a limited liability company may be organized under the Wisconsin Limited Liability Company Act.
- Membership
The LLC shall have the following member(s): _____________. Each member's initial capital contribution and percentage ownership interest is as follows:
- Member Name: _____________; Initial Capital Contribution: _____________; Percentage Interest: _____________%.
Additional members may be admitted as provided in this Agreement.
- Management
The LLC is managed by its member(s), unless a Manager is designated. The powers and duties of management include, but are not limited to, the following:
- Executing contracts and deeds on behalf of the Company.
- Maintaining books and records of the Company's financial transactions.
- Opening and maintaining bank accounts in the name of the Company.
- Allocations and Distributions
Profits and losses shall be allocated to the members in proportion to their percentage interests in the LLC. Distributions shall be made to the members at the discretion of the managing member(s), subject to the financial needs of the LLC and as allowed under Wisconsin law.
- Transfer of Membership Interest
Any member may transfer their interest in the LLC only in accordance with the terms outlined in this Agreement and subject to the approval of the other member(s), in compliance with the Wisconsin Limited Liability Company Act.
- Dissolution
The LLC may be dissolved upon the occurrence of any event as defined in the Act or upon agreement of the member(s). Upon dissolution, the LLC's assets shall be liquidated, liabilities satisfied, and any remaining assets distributed to the members in proportion to their respective interests in the LLC.
In witness whereof, the undersigned members have executed this Operating Agreement as of the date first above written.
Member Signature: _____________ Date: _____________
Member Name (Print): _____________
This Operating Agreement template is intended to provide a framework for the organization and operation of a Limited Liability Company in Wisconsin. It is recommended that this template is reviewed by a legal professional to ensure compliance with the Wisconsin Limited Liability Company Act and to address any specific circumstances of the LLC.
File Specifications
| Fact Name | Description |
|---|---|
| Governing Law | The Wisconsin Operating Agreement is governed by the Wisconsin Statutes, specifically Chapter 183, which outlines the laws pertaining to limited liability companies (LLCs). |
| Purpose | This agreement serves as a foundational document for LLCs, detailing the management structure and operational guidelines for the company. |
| Member Rights | It outlines the rights and responsibilities of each member, ensuring clarity in ownership and decision-making processes. |
| Flexibility | Wisconsin allows significant flexibility in drafting the Operating Agreement, enabling members to customize provisions according to their needs. |
| Amendments | The agreement can be amended as needed, provided that all members agree to the changes, which ensures adaptability over time. |
| Not Required | While it is highly recommended, an Operating Agreement is not legally required to form an LLC in Wisconsin, but it provides essential protections. |
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