PLST 350 Formation Documents Assignment

For this assignment, you will draft the formation documents for your business that you discussed in your Getting Started Exercise. However, there will be a few modifications to your facts. First, everyone will be forming a limited liability company. Therefore, you will be drafting the Articles of Organization and the Operating Agreement for your business. Second, everyone will be located in Virginia. Accordingly, the forms that you have been provided with are Virginia forms, and you should pretend that your address is located in Virginia. Third, every LLC will be a multi-member LLC. Thus, even if you proposed to be the only owner of your business, you will need to make up a second owner for the purposes of this assignment.

Using the forms provided, draft the Articles of Organization and the Operating Agreement for your business. This will involve removing the information relating to Trumpet Properties, LLC, and its owners, and replacing that information with the information for your business. You are not expected to engage in other substantive drafting and changes to these documents. This is meant to simplify, for your benefit, what is an otherwise very complicated process. To get a feel for how the process works and how completed it is, you should skim chapter 2 of John M. Cunningham’s excellent treatise Drafting Limited Liability Company Operating Agreements. That treatise is available in the CCH Intelliconnect database under the heading Corporation and Business Organizations Law in the Liberty University Online Library. (This is an excellent treatise, and there are a number of other excellent resources in the CCH Intelliconnect database.)

The Articles of Organization and the Operating Agreement for your business should be submitted through the link provided in Blackboard by 11:59 p.m. (ET) on Monday of Module/Week 4.