"An LLC is formed by delivering articles of incorporation to the office of the secretary of state of the state of organization for filing".
In this assignment, form an LLC for the shoe company you started in week four. You will form an LLC by writing your articles of incorporation.
Please NUMBER each line of your articles to match the numbers in the text. I should see at LEAST seven lines/sections in your articles.
You may go over seven lines if you find that there are issues you want to discuss. Your finished articles should not be more than one page in length.
The Articles of Incorporation must include:
1. The name of the LLC
2. The address of the LLC's initial office
3. The name and address of the initial agent for service of process
4. The name and address of each organizer
5. Whether the LLC is a term LLC and, if so, the term specificed
6. Whether the LLC is to be manager-manageed LLC, and if so, the name and address of each manager
7. Whether one or more of the members of the LLC are to be personnally liable for the LLC's debts and obligations.
Partnership Agreement:
1. This agreement was written on January 25, 2007.
2. Latosha Madison and Chris Pope have entered into a formal agreement as partners in The Special Shoe Company. This agreement outlines the principles the Special Shoe Company and Latosha Madison and Chris Pope will abide by.
3. This partnership is in the business of selling specialized shoes to individuals in need.
4. This Partnership commences on February 1, 2008 and expires on February 1, 2010 at which time the agreement becomes void
5. This is a limited partnership and each partner's interest in the organization is 50% of profits and 50% of losses regardless of initial capital and skill.
6. Latosha Madison will be the Chief Financial Officer organization assuming responsibility of all Finance; Chris Pope will be Chief Operations Officer and assume responsibility of Sales and Marketing.
7. Each partner is prohibited from carrying out any business which is unrelated to the partnership and poses a threat of conflict of interest.
8. Each partner has one vote. In the event that the partner's cannot agree, a third, unbiased party (arbitrator) will cast the deciding vote.
9. In the event of a dissolution of partnership, the following will apply: a) all assets will be liquidated (turned into cash) and divided equally between partners; and b) if agreed, a partner may buy the other partner's share, making him sole owner.
10. All disagreements between partners agree to be settled in arbitration.
11. Latosha Madison signs as CFO
12. Chris Pope signs as COO
References:
Articles of Partnership, 2008. In Wikipedia, the Free Encyclopedia. Retrieved February 1, 2008, from:
https://en.wikipedia.org/w/index.php?title=Articles_of_Partnership&oldid=182876526
Lectric Law Library, 2008. Articles of Partnership. Retrieved February 1, 2008 from:
https://www.lectlaw.com/def/a211.htm
Neami, 2007. Partnerships: Partnership Agreements and Examples. Retrieved February 1, 2008 from:
https://www.neami.org.au/partnerships/neami-partnerships-partnership-agreements-and-examples.htm