LIMITED LIABILITY COMPANY OPERATING AGREEMENT

[COMPANY NAME], LLC

A North Carolina Limited Liability Company

Effective Date: [DATE]

[// GUIDANCE: Governed by the North Carolina Limited Liability Company Act, N.C. Gen. Stat. §§ 57D-1-01 et seq. (effective January 1, 2014). Annual reports required with the Secretary of State.]

ARTICLE I - FORMATION

1.1 Formation

The Members form a limited liability company pursuant to the North Carolina Limited Liability Company Act, N.C. Gen. Stat. §§ 57D-1-01 et seq. (the "Act") by filing Articles of Organization with the North Carolina Secretary of State.

1.2 Name

[COMPANY NAME], LLC

1.3 Principal Office

[ADDRESS], North Carolina [ZIP]

1.4 Registered Agent

Agent: [NAME]
Address: [ADDRESS], North Carolina [ZIP]

1.5 Term

Perpetual, unless dissolved.

ARTICLE II - PURPOSE

The Company is formed for [DESCRIBE PURPOSE] and any lawful purpose under the Act.

ARTICLE III - MEMBERS

See Exhibit A for Members, Capital Contributions, and Percentage Interests.

ARTICLE IV - CAPITAL

Initial Contributions per Exhibit A. Capital Accounts per IRC § 704(b).

ARTICLE V - ALLOCATIONS AND DISTRIBUTIONS

Profits, Losses, and Distributions per Percentage Interests.

ARTICLE VI - MANAGEMENT

☐ MEMBER-MANAGED
☐ MANAGER-MANAGED: Manager(s): [NAME(S)]

ARTICLE VII - TRANSFER RESTRICTIONS

Transfers require [majority/unanimous] consent. Right of First Refusal: [30] days.

ARTICLE VIII - DISSOLUTION

Upon Member consent, judicial dissolution, or Act requirements.

ARTICLE IX - INDEMNIFICATION

Company indemnifies Members/Managers for good faith actions per N.C. Gen. Stat. § 57D-3-31.

ARTICLE X - TAX MATTERS

☐ Partnership/Disregarded ☐ S corp ☐ C corp
Partnership Representative: [NAME]

ARTICLE XI - MISCELLANEOUS

Governing Law: State of North Carolina

EXECUTION

______________________________ Date: __________
[MEMBER NAME]

EXHIBIT A - MEMBERS

Governed by North Carolina Limited Liability Company Act, N.C. Gen. Stat. §§ 57D-1-01 et seq.