Operating Agreement Llc Michigan With Non Voting Members

• Category: Limited Liability Company - Operating Agreements
• State: Michigan
• Control #: MI-00LLC-1
• Format: Word; Rich Text

Description

The Operating Agreement LLC Michigan with Non Voting Members is a formal document that defines the governance and operational structure of a limited liability company (LLC) in Michigan, particularly when it includes non-voting members. This agreement outlines the formation, roles, and responsibilities of members and managers, details regarding capital contributions, profit sharing, management authority, and voting rights, specifically accommodating non-voting members. Key features include the provision for both member-managed and manager-managed structures, the ability to outline the fiscal year, and the terms for capital contributions and distributions. Users should carefully fill out the sections regarding member contributions, management structure, and voting protocols to accurately reflect their organizational structure and intentions. Relevant use cases for this document are varied; it serves as a practical tool for attorneys drafting agreements for clients, partners and owners formalizing their business arrangements, associates and paralegals aiding in document preparation, and legal assistants organizing LLC documentation. To utilize the form effectively, users should modify the template as needed to align with their specific circumstances and ensure compliance with Michigan law.