The LLC Guaranteed Payment Agreement is essential when an LLC wishes to provide consistent compensation to a member for services or capital, regardless of business performance. This document, governed by U.S. federal and state laws, establishes fixed payment obligations that are treated differently from profit distributions for tax purposes. It's particularly useful for professional service LLCs or when certain members contribute significant value requiring steady compensation. The agreement ensures compliance with IRC Section 707(c) and relevant state LLC regulations while providing clarity on payment terms, tax treatment, and related obligations.
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1. Parties: Identification of the LLC and the recipient of guaranteed payments
2. Background: Context of the agreement and relationship between parties
3. Definitions: Key terms used throughout the agreement
4. Payment Terms: Amount, frequency, and conditions of guaranteed payments
5. Tax Treatment: Specification of tax handling and responsibilities
6. Term and Termination: Duration of agreement and conditions for termination
1. Services: Description of services provided (if payment is for services)
2. Non-Competition: Restrictions on competitive activities
3. Confidentiality: Protection of sensitive information
1. Payment Schedule: Detailed breakdown of payment amounts and dates
2. Service Description: Detailed description of services if applicable
3. Tax Forms: Relevant tax documentation and forms
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