Official Operating Agreement Template for the State of Michigan

• Bylaws: Like an Operating Agreement, bylaws outline the internal rules and procedures for a corporation. They govern the management structure and the rights and responsibilities of shareholders, directors, and officers.

• Partnership Agreement: This document establishes the terms of a partnership, similar to how an Operating Agreement defines the relationships and responsibilities among LLC members. Both agreements address profit sharing, decision-making processes, and dispute resolution.

• Shareholder Agreement: A shareholder agreement is akin to an Operating Agreement for corporations. It outlines the rights and obligations of shareholders, including how shares can be sold or transferred, which parallels the member rights in an LLC.

• Mobile Home Bill of Sale - The Fillable Forms provide a framework for documenting the sale and transfer of ownership of a mobile home, ensuring details like make, model, and purchase price are clearly recorded.

• Joint Venture Agreement: This document details the terms of a collaboration between two or more parties. Like an Operating Agreement, it defines each party's contributions, profit sharing, and management roles.

• LLC Membership Certificate: While not a governance document, this certificate represents ownership in an LLC. It is similar to an Operating Agreement in that both establish the member's stake and rights within the company.

• Franchise Agreement: This agreement governs the relationship between a franchisor and franchisee. It shares similarities with an Operating Agreement by outlining operational procedures, rights, and obligations of both parties.

• Non-Disclosure Agreement (NDA): An NDA protects confidential information between parties. While its focus is different, it serves a similar purpose of defining the terms of a relationship, much like an Operating Agreement does for LLC members.

• Employment Agreement: This document establishes the terms of employment between an employer and employee. It is similar to an Operating Agreement in that it sets expectations and responsibilities, albeit in an employment context.

When filling out and using the Michigan Operating Agreement form, consider the following key takeaways:

1. Clearly define the members of the LLC, including their names and addresses.
2. Outline the management structure of the LLC, specifying whether it will be member-managed or manager-managed.
3. Include provisions regarding capital contributions, detailing how much each member will invest and the timing of those contributions.
4. Establish the profit and loss distribution among members, indicating how earnings will be shared.
5. Detail the voting rights of each member, clarifying how decisions will be made within the LLC.
6. Incorporate buy-sell agreements to address what happens if a member wants to leave the LLC or if a member passes away.
7. Specify the duration of the LLC, indicating whether it is perpetual or has a set end date.
8. Include provisions for amendments to the Operating Agreement, outlining how changes can be made in the future.
9. Ensure compliance with state laws by reviewing the Michigan Limited Liability Company Act.
10. Consider consulting with a professional to ensure that the agreement meets all necessary legal requirements.

Using this form correctly helps establish clear guidelines for the operation of the LLC, which can prevent disputes among members in the future.

Instructions on How to Fill Out Michigan Operating Agreement

Filling out the Michigan Operating Agreement form is an important step in establishing the structure and rules for your business. This document will guide you through the necessary information required to create a clear understanding among members regarding the management and operations of the company. Follow these steps carefully to ensure accuracy and completeness.

1. Begin by entering the name of your Limited Liability Company (LLC) at the top of the form.
2. Next, provide the principal office address of the LLC. This should be a physical address, not a P.O. Box.
3. Identify the date of formation for your LLC. This is typically the date when the Articles of Organization were filed.
4. List the names and addresses of all members involved in the LLC. Make sure to include their full legal names and current addresses.
5. Define the ownership percentage for each member. This will reflect how profits and losses are shared among members.
6. Outline the management structure of the LLC. Indicate whether it will be member-managed or manager-managed.
7. Include any specific duties and responsibilities for each member or manager, if applicable.
8. Detail the procedures for adding new members or removing existing ones. This section should clarify how changes can be made.
9. Specify how profits and losses will be allocated among members. Be clear about the method used for distribution.
10. Provide information regarding meetings, including how often they will be held and the notice required for members.
11. Include any additional provisions that are relevant to your LLC’s operations or governance.
12. Finally, ensure that all members sign and date the document, confirming their agreement to the terms outlined in the Operating Agreement.