LLC Agreement (50/50 Joint Venture, Board-Managed) | Practical Law

LLC Agreement (50/50 Joint Venture, Board-Managed) | Practical Law

A long-form LLC agreement (also known as an operating agreement or limited liability company agreement) to be used for a Delaware limited liability company (LLC) formed to carry out a joint venture. This Standard Document assumes an agreement between two members, both of which own a 50% interest in the LLC. It assumes that the LLC is governed by a board of managers, with each member having the right to appoint the same number of board members and equal voting rights. This Standard Document includes integrated notes with important explanations and drafting and negotiating tips.

LLC Agreement (50/50 Joint Venture, Board-Managed)

Practical Law Standard Document w-017-3937 (Approx. 175 pages)

LLC Agreement (50/50 Joint Venture, Board-Managed)

by Practical Law Corporate & Securities
Maintained • Delaware, USA (National/Federal)
A long-form LLC agreement (also known as an operating agreement or limited liability company agreement) to be used for a Delaware limited liability company (LLC) formed to carry out a joint venture. This Standard Document assumes an agreement between two members, both of which own a 50% interest in the LLC. It assumes that the LLC is governed by a board of managers, with each member having the right to appoint the same number of board members and equal voting rights. This Standard Document includes integrated notes with important explanations and drafting and negotiating tips.