The LLC Taxed As C Corp Operating Agreement is essential when establishing a business entity that combines features of U.S. tax treatment with UK legal governance. This document is typically used when companies seek specific tax advantages available under U.S. corporate tax regulations while operating within the English and Welsh legal framework. It comprehensively covers corporate governance, ownership rights, management responsibilities, capital structure, and operational procedures. The agreement is particularly relevant for international businesses or those with U.S. connections seeking to establish operations in the UK while maintaining certain U.S. tax benefits.
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1. Parties: Identification of all members/shareholders and the company
2. Background: Context and purpose of the operating agreement
3. Definitions: Key terms used throughout the agreement
4. Company Formation: Details of company structure and registration
5. Capital Contributions: Initial and ongoing capital requirements
6. Management Structure: Governance and decision-making processes
7. Voting Rights: Member voting procedures and thresholds
8. Distributions: Profit sharing and distribution policies
9. Transfer of Interests: Rules for transferring ownership stakes
1. Tag-Along Rights: Protection mechanisms for minority shareholders in case of majority stake sale
2. Drag-Along Rights: Provisions allowing majority shareholders to force minority shareholders to join in the sale of the company
3. Non-Compete Provisions: Restrictions on competitive activities by members during and after their involvement with the company
1. Initial Capital Contributions Schedule: Detailed breakdown of member contributions and valuations
2. Share Register: Current ownership structure and shareholdings details
3. Management Procedures: Detailed operational procedures and policies for company management
4. Valuation Methods: Agreed methods and procedures for company and share valuation
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