Operating Agreement Template – Canada

Disclaimer

The following document outlines the formal agreement governing the operation and management of the business entity. It is provided for informational purposes and clarity regarding internal procedures and member responsibilities. This document is not legal advice and should not replace consultation with a qualified attorney experienced in business law. Jurisdictional laws may vary, and adjustments might be necessary to ensure compliance. The use of this template is at the user’s own risk, and no liability is assumed for errors or consequences from its improper implementation or use without professional legal review.

Please note: This is a sample Operating Agreement for California (CA), created for illustrative purposes only. Actual terms may differ based on specific arrangements and legal requirements.

Operating Agreement CA Sample

Introduction:

This Operating Agreement (the “Agreement”) outlines the roles, responsibilities, and operational procedures for the members of the LLC operating in California.

Members:

Member 1: John Doe
Address: 123 Main Street, Los Angeles, CA 90001

Member 2: Jane Smith
Address: 456 Oak Avenue, San Diego, CA 92101

Purpose:

The purpose of this LLC is to operate a real estate investment and management business within the State of California, as described in the Articles of Organization.

Capital Contributions:

Members shall contribute capital as agreed upon and documented in Schedule A attached hereto. Additional contributions may be required upon unanimous consent of the Members.

Management:

The LLC shall be managed by its Members unless otherwise specified in this Agreement. Decision-making shall require the approval of a majority of the Members.

Profits and Losses:

Distributions of profits and losses shall be allocated to Members in proportion to their capital contributions unless otherwise agreed.

Dissolution:

The LLC may be dissolved upon the unanimous consent of Members or as provided by law. Upon dissolution, assets shall be liquidated and distributed according to Member interests.

Governing Law:

This Agreement shall be governed by the laws of the State of California. Any disputes shall be resolved within California courts.

Additional Provisions:

• Amendments to this Agreement require written approval of all Members.
• Members shall keep accurate records of all LLC activities.
• Any member withdrawing or transferring interest must obtain approval from the remaining Members.

San Francisco, ______________________