Choose your Special Project company and draft an LLC operating agreement between you and your co-members (for example, coffee shop with a coffee company). It must be between you and at least one other party. The operating agreement must outline the terms of your LLC, responsibilities, management roles, business goals, etc. Your contract will detail the terms/responsibilities/roles you imagine are necessary to avoid confusion or unfairness to you as a party.
The contract must be drafted using your own words. Do NOT use language and terms you find on-line (for example- “legalese”). Draft the contract considering all possible services, pitfalls and needs, individuals in your business could encounter. As we have been discussing, contracts must meet six required elements and must be clear and detailed in order to avoid confusion, delay or loss of profits; which could lead to a lawsuit. Be very clear on what service you are providing and what service you are expecting. Define what each of you will receive, how, when, why, where, etc. Be as creative as you want in thinking of the businesses and/or services being provided. You may use your special project co. name, a fictional company name, or an existing (e.g. TopShop). Remember the six elements necessary to form a valid contract. Also, make sure to include terms that are necessary in a contract.
The assignment formatting-submission guidelines (these are strict):
No cover page
No APA format
3 – 5 pages in length
Times New Roman- 12 font
1 inch margins
8 ½ x 11 paper
Consult the contract template attached. Structure your contract in the same format. Do not start a new paragraph after the section number. Do not copy any of the language in the agreement, it is simply a template to understand the terms necessary in a contract.
Failure to follow all above guidelines will result in automatic deductions (5 point deductions for each).
Your assignment must be submitted as a Word document via Blackboard. Due December 5th at 8:00 AM. No later.
If you choose to submit this assignment, this assignment will serve as 50% of your final exam grade.
If you are failing the class, or nearly failing, I STRONGLY suggest you submit this assignment and follow ALL instructions.
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