The LLC Guaranteed Payment Agreement is essential when LLC members require assured compensation for their services or use of capital, regardless of the company's performance. This document, governed by English and Welsh law, ensures compliance with relevant tax regulations while maintaining the member's status distinct from employment. It typically includes payment terms, conditions, tax treatment, and termination provisions. This agreement is particularly useful for professional service LLCs or when members contribute significant value requiring consistent compensation.
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1. Parties: Identification of the LLC and the member receiving guaranteed payments
2. Background: Context of the agreement and member's role in the LLC
3. Definitions: Key terms used throughout the agreement
4. Guaranteed Payment Terms: Amount, frequency, and conditions of payments
5. Payment Mechanics: Method and timing of payments
6. Tax Treatment: Tax implications and responsibilities
7. Duration: Term of the agreement
8. Termination: Circumstances for ending the agreement
1. Performance Criteria: Specific conditions tied to payments - used when payments are linked to performance metrics
2. Clawback Provisions: Circumstances requiring repayment - used when risk of overpayment exists
3. Non-Competition: Restrictions on competing activities - used when member has access to sensitive information
1. Payment Schedule: Detailed breakdown of payment amounts and dates
2. Performance Metrics: Specific KPIs or targets if applicable
3. Tax Treatment Summary: Detailed explanation of tax implications
4. Member's Duties: Detailed description of member's responsibilities
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