LLCS (MANAGER MANAGED) INFORMED: ANNOTATED LEGAL DOCUMENTS
InFORMed Annotated Document
ITEM #:  40184917   |   PUBLISHED:  MAY 22, 2017
STANDARD PRICE
$49.00
DISCOUNTS WILL BE APPLIED DURING CHECKOUT, IF APPLICABLE.

InFORMed Annotated Legal Document with eFormbook
Manager-Managed LLC Operating Agreement

This InFORMed Annotated Legal Document with eFormbook is intended for use with a multi-member limited liability company with management concentrated in a single individual or entity, similar to a general partner in a limited partnership. In general, this agreement is very “management friendly.” The biggest benefit of having a manager-managed LLC is that a manager does not have to be an owner. When working with clients that have silent investors, an investor that is not going to be a part of the day-to-day running of the LLC, or where there are multiple owners and one or more do not work at the LLC, practitioners and their clients may want to consider the Manager-Managed LLC model. 

The companion eFormbook provides an electronic version that practitioners can download and use to get started. It's a valuable resource to begin the process of drafting an operating agreement for a Manager-Managed LLC.

Operating Agreement

  • Background
  • Article I – Definitions
  • Article II – Business Purposes, Offices, and Related Matters
  • Article III – Capital Contributions and Loans
  • Article IV – Allocations and Distributions
  • Article V – Management
  • Article VI – Members
  • Article VII – Accounting and Bank Accounts
  • Article VIII – Transfers of Interests and Events of Withdrawal
  • Article IX – Dissolution and Termination
  • Article X – Miscellaneous
  • Schedule 1 – Schedule of Members and Percentage Interests
  • Exhibit A – Articles of Organization
  • Exhibit B – Form of Joinder to Operating Agreement
  • Exhibit C – Purchase Price Determination
  • Exhibit D – Purchase Price Payment Terms

Companion eFormbook
Your annotated manual provides instructions for accessing the eFormbook.

$49

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Please email customerservice@minncle.org or call 800-759-8840 to inquire about bulk orders.

InFORMed Annotated Legal Documents are expertly drafted legal forms and documents containing annotations and helpful commentary by expert attorneys. You'll receive drafting rationales and insights from the author, along with practice tips and citations to pertinent authority. Checklists and sample language also may be provided.

Each InFORMed Annotated Legal Document comes with a companion eFormbook which is accessible through your account on the Minnesota CLE website. The eFormbook contains the unannotated version of the documents included in the manual. Don’t scan or retype the documents found in the annotated manual – save time by simply downloading the documents and fine-tuning them to suit your needs!

Access the eFormbook through your account on the Minnesota CLE website under My Account > eResources & Publications.

Q.

Once I’ve purchased an InFORMed Annotated Document that includes an eFormbook, how do I access it?

Access the eFormbook through your account on the Minnesota CLE website under My Account > eResources & Publications.

Q.

Will I always have access to my InFORMed eFormbook?

Yes, you will always have access to the eFormbook. Even if we publish an updated InFORMed book, you will still have access to the eFormbook you purchased originally. If you purchase the updated InFORMed Annotated Document, you will have access to the most up-to-date eFormbook.

Q.

Can I download the forms in my eFormbook?

Yes, and we recommend that you download all of the forms in your eFormbook so you can use them without Internet access.

STANDARD PRICE
$49.00
DISCOUNTS WILL BE APPLIED DURING CHECKOUT, IF APPLICABLE.
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