Operating Agreements

The forms listed below are in no way intended to be inclusive or restrictive nor are they particularly state specific.

They are merely meant to give a general idea of what should possibly be in a well–written agreement.

It must be remembered that an L3C is a variant form of an LLC and that an LLC is essentially a partnership with corporate protection. Therefore, within the constraints of the laws of the states within which the organization is organized and or headquartered there may or may not be certain requirements for items that must be included within the operating agreement.

It is also important to remember that the operating agreement should clearly state the charitable purposes of the L3C and how they will be executed. A foundation member is apt to want to include assurances that the L3C will stay true to its mission.

The number of investment tranches used and the returns indicated in these sample agreements are strictly for illustration purposes only. At all times, an attorney should be consulted if anyone is unclear about any portion of the operating agreement


Utah S.B. 131, Unincorporated Business Entity Uniform Acts, page 268, starting at line 7499 provides an explanation of Series Limited Liability Companies.

L3C Operating Agreement

These are samples of model L3C Operating Agreements.


Any legal information provided on this website, including (without limitation) any model operating agreements, is not legal advice, but rather provided for general informational purposes

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The legal information, including (without limitation) any model operating agreements, provided on this website are not a substitute for the advice of a competent attorney. Because the law constantly changes and varies from jurisdiction to jurisdiction, and is subject to varying interpretations, you should consult a licensed attorney in your jurisdiction regarding the applicability any points of law discussed on this website to any specific situation.

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