Wi Llc Operating Agreement Sample

If you`re starting a business in Wisconsin, you might want to consider forming a limited liability company (LLC). One of the first steps in forming an LLC is creating an operating agreement, which outlines the rules and regulations governing how the business will be run. Having a well-crafted operating agreement is essential for the smooth operation of an LLC and can help prevent disputes between owners.

To help you get started, we`ve put together a sample LLC operating agreement for Wisconsin. Keep in mind that this is just a template, and you should consult an attorney to customize it to fit your specific needs.

Article I: Formation and Name

This section outlines the formation of the LLC and the name that it will operate under. It should include:

– The name of the LLC

– The date of formation

– The registered agent`s name and address

– The purpose of the LLC

Article II: Members and Ownership

This section outlines the members of the LLC and their ownership percentages. It should include:

– The name and address of each member

– The percentage of ownership for each member

– The process for admitting new members

– The process for transferring ownership

Article III: Management

This section outlines how the LLC will be managed. It should include:

– Whether the LLC will be managed by its members (member-managed) or by managers (manager-managed)

– The powers and duties of the managers (if applicable)

– The voting rights of the members

Article IV: Meetings

This section outlines the rules for meetings of the LLC. It should include:

– The frequency of meetings

– The quorum requirements

– The notice requirements

– The voting procedures

Article V: Capital Contributions

This section outlines the capital contributions of the members. It should include:

– The amount and timing of the initial capital contributions

– The process for making additional contributions

– The process for returning capital to members

Article VI: Distributions

This section outlines how profits and losses will be distributed among the members. It should include:

– The percentage of profits and losses allocated to each member

– The timing and frequency of distributions

– The process for allocating profits and losses in the event of a member`s departure

Article VII: Dissolution

This section outlines the process for dissolving the LLC. It should include:

– The circumstances under which the LLC will be dissolved

– The process for winding up the LLC`s affairs

– The distribution of assets upon dissolution

Conclusion

Forming an LLC and creating an operating agreement can seem overwhelming, but having a solid agreement in place can help protect your business and prevent disputes. While this sample operating agreement can be a helpful starting point, it`s important to work with a qualified attorney to customize your agreement to fit your specific needs. With a well-crafted operating agreement in place, you`ll be on your way to running a successful business in Wisconsin.


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