California Operating Agreement is a legal document that outlines the terms and conditions of the partnership between NBC Internet, Inc. and Velocity, Inc. This agreement outlines the rights, responsibilities, and obligations of both parties involved in the partnership. It serves as a guide for the smooth operation and management of the joint business venture. Key elements of the California Operating Agreement include: 1. Business Purpose: The agreement clearly states the purpose and objectives of the partnership between NBC Internet, Inc. and Velocity, Inc. This may include the development and provision of internet services or other related activities. 2. Management and Control: The agreement lays out the structure of management and control within the partnership. It defines the roles and responsibilities of each party, including decision-making processes and voting rights. This ensures both parties have a clear understanding of their respective authority and accountability. 3. Capital Contributions: It specifies the initial capital contributions made by each party and any subsequent capital contributions required to sustain the partnership. This may include cash, assets, intellectual property, or other valuable resources allocated to the venture. 4. Profits and Losses: The agreement outlines how profits and losses will be allocated among the partners. This may be based on the capital contributions made or may be predetermined based on an agreed-upon formula. 5. Withdrawals and Distributions: It defines the process and conditions under which partners can withdraw from the partnership and how the distribution of assets will be handled upon withdrawal or dissolution of the partnership. 6. Dispute Resolution: The document includes provisions for resolving any disputes or disagreements that may arise between the partners. This may involve mediation, arbitration, or other alternative dispute resolution methods to avoid costly litigation. Types of California Operating Agreements between NBC Internet, Inc. and Velocity, Inc. may include: 1. Initial Operating Agreement: This type of agreement is signed at the formation of the partnership, outlining the initial terms and conditions. 2. Amended and Restated Operating Agreement: If any changes, modifications, or amendments are made to the original agreement, an amended and restated operating agreement is drafted to reflect the updated terms and conditions. 3. Supplemental Operating Agreement: In case the partnership wants to add or supplement certain terms or provisions to the existing agreement, a supplemental operating agreement may be created. 4. Dissolution Agreement: If the partnership decides to dissolve or terminate the joint venture, a dissolution agreement outlines the process and procedures to wind up the partnership's affairs and distribute assets. It is important for both NBC Internet, Inc. and Velocity, Inc. to carefully review and negotiate the terms of the California Operating Agreement to ensure a clear and mutual understanding of their rights and responsibilities within the joint venture. Consulting with legal professionals is highly recommended drafting an operating agreement that aligns with the specific needs and goals of the partnership.
California Operating Agreement between NBC Internet, Inc. and Telocity, Inc.
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An LLC operating agreement is generally brief, ranging from five to 25 pages. But it presses owners and members to agree on financial and operational arrangements. The main goal of the operating agreement is to name members of the LLC and their percentage of ownership.
An operating agreement should outline voting rights, member responsibilities, and even meeting frequency. While many states do not require any particulars, it's wise to make an agreement that's specific to your needs.
For multi-member LLC's, the operating agreement should be about 50 to 70 pages, depending on the number of people involved. However, a single-member LLC operating agreement need only be about 15 to 30 pages.
LLC operating agreements usually provide much more information, and almost all the provisions for how the business will be managed, and the rights, duties, and liabilities of members and managers are contained in the operating agreement. An operating agreement is a private document.
Domestic LLCs may be managed by one or more managers or one or more members. In addition to filing the applicable documents with the Secretary of State, an operating agreement among the members as to the affairs of the LLC and the conduct of its business is required.
The operating agreement should include the following: Basic information about the business, such as official name, location, statement of purpose, and registered agent. Tax treatment preference. Member information. Management structure. Operating procedures. Liability statement. Additional provisions.