SERIES LLC OPERATING AGREEMENT

1. FORMATION

Name: [LLC NAME]
State of Formation: [STATE]
Effective Date: [MM/DD/YYYY]

2. PURPOSE

The Company is organized as a series limited liability company and may establish separate series with segregated assets and liabilities as permitted by law.

3. SERIES ESTABLISHMENT

The Company may create one or more series by resolution of the Manager(s) and by maintaining separate records for each series. Each series may have separate members, assets, and obligations.

4. ASSET SEGREGATION

Assets and liabilities of each series shall be accounted for separately. The debts and obligations of a series are enforceable only against that series’ assets, to the extent permitted by law.

5. MEMBERS AND CAPITAL

Members: [LIST MEMBERS]
Capital Contributions: [DETAILS]
Percentage Interests: [DETAILS]

6. MANAGEMENT

Management: ☐ Member-managed ☐ Manager-managed
Manager(s): [NAMES]

7. ALLOCATIONS AND DISTRIBUTIONS

Allocations and distributions will be made by series as set forth in Exhibit A.

8. BOOKS AND RECORDS

Separate books and records will be maintained for each series, including bank accounts where required.

9. LIMITATION OF LIABILITY

No member or manager is liable for the debts of the Company or any series except as required by law.

10. DISSOLUTION

The Company or any series may be dissolved as provided in this Agreement and applicable law.

11. GOVERNING LAW

This Agreement is governed by the law of [STATE].

EXHIBIT A — SERIES DETAILS

Series Name: [SERIES NAME]
Members: [NAMES]
Assets: [DESCRIPTION]
Distributions: [FORMULA]