Common Contracts
2 similar Operating Agreement contracts
ContractOperating Agreement • April 2nd, 2024
FEATURE ULLCA (2006)(2013) RHODE ISLAND Operating Agreement Mechanics Centralization of key provisions in operating agreement Centralization - §§ 105 - 107 Contain three key provisions dealing with the operating agreement: § 105 – scope, function & limitations; § 106 – effecton LLC and its members; and § 107 – effect on third parties and relationship to records. No – There are provisions related to the operating agreement scattered throughout the statute. Specific statement of operating agreement’s relationship to the statutory rules? Yes - § 105(b) –“Default rules” in the Act govern matters not addressed by the operating agreement. No – The statute does not contain a specific statement regarding operating agreement’s relationship to the statutory default rules. Express authorization of operating agreement in SMLLCs? Yes - § 102(13) – Definition states it is an agreement among all the members, including a sole member. Yes - § 7-16-2(23) – definition states it is an agreement of the
ContractOperating Agreement • March 16th, 2023
FEATURE ULLCA (2006)(2013) RHODE ISLAND Operating Agreement Mechanics Centralization of key provisions in operating agreement Centralization - §§ 105 - 107 Contain three key provisions dealing with the operating agreement: § 105 – scope, function & limitations; § 106 – effecton LLC and its members; and § 107 – effect on third parties and relationship to records. No – There are provisions related to the operating agreement scattered throughout the statute. Specific statement of operating agreement’s relationship to the statutory rules? Yes - § 105(b) –“Default rules” in the Act govern matters not addressed by the operating agreement. No – The statute does not contain a specific statement regarding operating agreement’s relationship to the statutory default rules. Express authorization of operating agreement in SMLLCs? Yes - § 102(13) – Definition states it is an agreement among all the members, including a sole member. Yes - § 7-16-2(23) – definition states it is an agreement of the
