Ultimate LLC Compliance Guide. Michael Spadaccini

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СКАЧАТЬ The name and address in the State of [STATE] of this LLC’s initial agent for service of process are [NAME AND ADDRESS].

      Dated: __________________

      ____________________________

      Donald Leland

      Organizer

       Sample Articles of Organization, Delaware Long Form with Optional Provisions

      The following sample articles are long-form articles suitable for use in Delaware. Note that in Delaware articles of organization are called a certificate of formation, but the meaning is exactly the same. The articles contain the required provisions: the name of the LLC, the purpose, and the resident agent. The articles also contain the following optional provisions. Note that these articles favor the managers rather than the members:

      • Multiple classes of membership, with a regular voting class and a preferred nonvoting class with a dividend preference and a liquidation preference (Article Four).

      • A statement of perpetual existence (Article Five).

      • A statement that the number of managers shall be determined by the operating agreement (Article Six).

      • A statement that the managers have the power to amend the operating agreement (Article Seven).

      • Strong indemnity provisions for managers and members (Article Eight).

      • A provision allowing managers to appoint managers to fill vacancies; the alternative would be to require a vote by the members (Article Nine).

      • A provision stating that notifications to owners shall be governed by the operating agreement. This provision is noteworthy: it gives the managers the power to notice owners in a manner different from the Delaware act. So, for example, the managers could shorten the time required for delivery of notice to owners of an upcoming vote if the operating agreement so provides (Article Ten).

      • A provision specifically limiting the members’ rights regarding amendment to the articles to the absolute minimum rights conferred by state law (Article Eleven).

       CERTIFICATE OF FORMATION OF TONOSILVER RESOURCES, LLC

      ARTICLE ONE. The name of this LLC is TONOSILVER RESOURCES, LLC (the “LLC”).

      ARTICLE TWO. The address of the LLC’s registered office in the State of Delaware is 874 Walker Road, Suite C, City of Dover, Zip Code: 19904, County of Kent, and the name of its registered agent is United Corporate Services, Inc.

      ARTICLE THREE. The nature of the business or purposes to be conducted or promoted by the LLC is to engage in any lawful act or activity for which LLCs may be organized under the Limited Liability Company Act of Delaware.

      ARTICLE FOUR. This LLC is authorized to issue two classes of ownership interest: Class A Voting Membership and Class B Preferred Non-Voting Membership.

      The Class A Voting Membership shall be the sole voting membership interest of the LLC.

      The Class B Preferred Non-Voting Membership shall not vote upon any matter brought before the Class A Voting Membership. The Class B Preferred Non-Voting Membership has a liquidation preference. Upon the liquidation or dissolution of the LLC, holders of the Class B Preferred Non-Voting Membership are entitled to receive out of the assets available for distribution to owners, before any payment to the holders of the Class A Voting Membership, the sum of $___ for each percentage of interest of the total outstanding Class B Preferred Non-Voting Membership. If the assets of the LLC are insufficient to pay this liquidation preference to the holders of the Class B Preferred Non-Voting Membership, all of the entire remaining assets shall be paid to holders of the Class B Preferred NonVoting Membership and holders of the Class A Voting Membership. After the liquidation preference has been paid or set apart for holders of the Class B Preferred Non-Voting Membership, the remaining assets shall be paid to holders of the Common Stock.

      The Class B Preferred Non-Voting Membership has a dividend preference. Holders of the Class B Preferred Non-Voting Membership are entitled to receive dividends on a noncumulative basis at the rate of $___ for each percentage of interest of the total outstanding Class B Preferred Non-Voting Membership, as and when declared by the managers of the LLC from funds legally available for dividends and distributions. The holders of the Class A Voting Membership may not receive dividends or other distributions during any fiscal year of the LLC until dividends on the Class B Preferred NonVoting Membership in the total amount of $___ for each aggregate percentage of interest of the total outstanding Class B Preferred Non-Voting Membership during that fiscal year have been declared and paid or set apart for payment. The payment of such dividends is discretionary, and the holders of the Class B Preferred Non-Voting Membership shall not enjoy a right to dividends if such dividends are not declared, even if the LLC has sufficient funds to lawfully pay such dividends.

      ARTICLE FIVE. The LLC is to have perpetual existence.

      ARTICLE SIX. The LLC shall be managed by a board of managers. The number of managers that constitute the whole board of managers of the LLC and the manner of their election shall be designated in the Operating Agreement of the LLC.

      ARTICLE SEVEN. In furtherance and not in limitation of the powers conferred by statute, the board of managers is expressly authorized to make, alter, amend, or repeal the Operating Agreement of the LLC.

       ARTICLE EIGHT.

      (a) To the fullest extent allowed by the Delaware Limited Liability Company Act, a member or manager or other person shall not be liable to the LLC or to another member or manager or to another person that is a party to or is otherwise bound by a limited liability company agreement for breach of fiduciary duty for the member’s or manager’s or other person’s good faith reliance on the provisions of the LLC Operating Agreement.

      (b) To the fullest extent allowed by the Delaware Limited Liability Company Act, the LLC Operating Agreement shall provide for the limitation or elimination of any and all liabilities for breach of contract and breach of duties (including fiduciary duties) of a member, manager, or other person to the LLC or to another member or manager or to another person that is a party to or is otherwise bound by the LLC Operating Agreement, provided that the Operating Agreement may not limit or eliminate liability for any act or omission that constitutes a bad faith violation of the implied contractual covenant of good faith and fair dealing.

      ARTICLE NINE. Vacancies created by newly created manager positions, created in accordance with the Operating Agreement of this LLC, may be filled by the vote of a majority, although less than a quorum, of the managers then in office or by a sole remaining manager.

      ARTICLE TEN. Advance notice of new business and member nominations for the election of managers shall be given in the manner and to the extent provided in the Operating Agreement of the LLC.

      ARTICLE ELEVEN. The LLC reserves the right to amend, alter, change, or repeal any provision contained in this Certificate of Formation, in the manner now or hereafter prescribed by statute, and all rights conferred upon members herein are granted subject to this reservation.

      Dated: __________________

      ____________________________

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