L3C Enterprise Template

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ARTICLE I GENERAL PROVISIONS; DEFINITIONS

Section I.1 Formation of the Company; Term

Section I.2 Low-Profit Limited Liability Company Operating Agreement

Section I.3 Name

Section I.4 Purpose and Powers

Section I.5 Principal Office; Registered Office and Agent

Section I.6 No State-Law Partnership

Section I.7 Definitions

ARTICLE II CAPITAL CONTRIBUTIONS AND ACCOUNTS

Section II.1 Authorized Units

Section II.2 Capital Contributions and Issuance of Units

Section II.3 Capital Accounts

Section II.4 Negative Capital Accounts

Section II.5 No Interest

Section II.6 No Withdrawal

ARTICLE III DISTRIBUTIONS AND ALLOCATIONS; REDEMPTION

Section III.1 Distributions

Section III.2 Allocations

Section III.3 Special Allocations

Section III.4 Tax Allocations

Section III.5 Redemption of Preferred Units

Section III.6 Section 704(c) Covenants

ARTICLE IV MANAGEMENT

Section IV.1 Authority of Board

Section IV.2 Composition of the Board

Section IV.3 Proxies

Section IV.4 Meetings, etc.

Section IV.5 Delegation of Authority

Section IV.6 Purchase of Units

Section IV.7 Change in Business Form

Section IV.8 Limitation of Liability

Section IV.9 Indemnification of Members, Representatives, Officers, and Others

Section IV.10 Affiliated Transactions

ARTICLE V Officers

Section V.1 General Provisions

Section V.2 Chief Executive Officer

Section V.3 President

Section V.4 Vice Presidents

Section V.5 Secretary

Section V.6 Treasurer

Section V.7 Assistant Secretaries and Treasurers

ARTICLE VI UNITHOLDERS

Section VI.1 Limitation of Liability

Section VI.2 Lack of Authority of Individual Unitholders

Section VI.3 No Right of Partition

Section VI.4 Confidentiality

Section VI.5 Members Right to Act

Section VI.6 Investment Opportunities and Conflicts of Interest

Section VI.7 Repurchase Upon Termination of Employment of Entrepreneur

ARTICLE VII DISSOLUTION AND LIQUIDATION

Section VII.1 Dissolution

Section VII.2 Liquidation of Company Interests

Section VII.3 Valuation

ARTICLE VIII BOOKS OF ACCOUNT

Section VIII.1 Records and Accounting

Section VIII.2 Bank Accounts

Section VIII.3 Fiscal Year

Section VIII.4 Reports

Section VIII.5 Tax Elections

Section VIII.6 Tax Reports

Section VIII.7 Tax Controversies

Section VIII.8 Code §83 Safe Harbor Election

ARTICLE IX TRANSFER OF COMPANY INTERESTS

Section IX.1 Transfer In General

Section IX.2 Permitted Transfers

Section IX.3 Right of First Offer

Section IX.4 Sale of the Company

Section IX.5 Right of Co-Sale

Section IX.6 Assignee's Rights

Section IX.7 Assignor's Rights and Obligations

ARTICLE X REGISTRATION RIGHTS

Section X.1 Piggyback Registrations

Section X.2 Holdback Agreements

Section X.3 Participation in Underwritten Registrations

Section X.4 Miscellaneous

ARTICLE XI ADMISSION OF MEMBERS

Section XI.1 Substituted Members

Section XI.2 Additional Members

ARTICLE XII WITHDRAWAL AND RESIGNATION OF UNITHOLDERS

ARTICLE XIII MISCELLANEOUS

Section XIII.1 Power of Attorney

Section XIII.2 Further Assurances

Section XIII.3 Title to Company Assets

Section XIII.4 Creditors

Section XIII.5 Amendments, Modifications, or Waivers

Section XIII.6 Successors and Assigns

Section XIII.7 Remedies

Section XIII.8 Offset

Section XIII.9 Governing Law

Section XIII.10 Jurisdiction; Service of Process

Section XIII.11 Compliance with Laws

Section XIII.12 Severability

Section XIII.13 Counterparts

Section XIII.14 Descriptive Headings; Interpretation

Section XIII.15 Notices

Section XIII.16 Complete Agreement

Section XIII.17 Business Days

Section XIII.18 Delivery by Facsimile

Section XIII.19 Undertaking

Section XIII.20 Survival

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