Understanding the importance of an article of organization is crucial for any business entity, especially those operating as partnerships or limited liability companies (LLCs). An article of organization is a legal document that outlines the structure and operating procedures of a business. This article will provide a sample article of organization and discuss its key components.
Below is a sample article of organization for a hypothetical LLC named “Tech Innovations, LLC.” This sample will help you understand the typical elements that should be included in an article of organization.
ARTICLE OF ORGANIZATION
FOR TECH INNOVATIONS, LLC
1. Name and Address of the Limited Liability Company:
The name of the limited liability company is “Tech Innovations, LLC.” The registered office address is 123 Innovation Way, Tech City, State, Zip Code.
2. Purpose of the Limited Liability Company:
The purpose of Tech Innovations, LLC is to engage in the business of developing, manufacturing, and selling innovative technology products and services.
3. Duration of the Limited Liability Company:
Tech Innovations, LLC is organized as a perpetual entity, meaning it has no fixed duration and will continue to exist until it is dissolved or merged with another entity.
4. Management and Voting:
The management of Tech Innovations, LLC will be conducted by the members. The members shall have equal voting rights and may participate in meetings to discuss and vote on important matters affecting the company.
5. Contributions of Members:
The members of Tech Innovations, LLC have agreed to contribute the following capital to the company: [List the capital contributions of each member, including cash, property, or services.]
6. Distribution of Profits and Losses:
Profits and losses of Tech Innovations, LLC shall be distributed to the members in proportion to their capital contributions.
7. Dissolution and Liquidation:
In the event of dissolution and liquidation of Tech Innovations, LLC, the assets of the company shall be distributed to the members in proportion to their capital contributions, after payment of all liabilities and expenses.
8. Amendments to the Article of Organization:
This article of organization may be amended by a majority vote of the members, provided that the amendment is in writing and signed by all members.
By executing this article of organization, the members of Tech Innovations, LLC agree to be bound by its terms and conditions.
This sample article of organization is intended for informational purposes only and should not be used as a substitute for legal advice. It is important to consult with an attorney when drafting an article of organization to ensure compliance with state-specific laws and regulations.
