A Nonprofit LLC Operating Agreement is essential when establishing a nonprofit organization in India that seeks to operate under the Limited Liability Company structure while maintaining charitable status. This document, governed by Indian law and particularly Section 8 of the Companies Act 2013, serves as the foundational agreement that defines the organization's charitable purpose, operational framework, and governance structure. It's specifically designed for organizations that intend to pursue social, charitable, or community-based objectives without distributing profits to members. The agreement includes crucial provisions for regulatory compliance, member rights and responsibilities, financial management, and dissolution procedures, ensuring alignment with both Indian corporate law and nonprofit regulations. It's particularly important for organizations seeking tax exemptions and planning to engage in charitable activities while maintaining corporate governance standards.
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1. Parties: Identifies the founding members/promoters of the nonprofit LLC
2. Background: Sets forth the context and charitable/nonprofit purpose for establishing the organization
3. Definitions: Defines key terms used throughout the agreement
4. Formation and Name: Details of LLC formation, registered name, and registered office
5. Nonprofit Purpose and Activities: Detailed description of charitable/nonprofit objectives and permitted activities
6. Membership: Rules regarding membership, admission of new members, and member rights
7. Management Structure: Governance framework, board composition, and management responsibilities
8. Meetings and Voting: Procedures for member and board meetings, voting rights, and decision-making processes
9. Financial Management: Handling of funds, accounting practices, and financial controls
10. Restrictions on Distributions: Explicit prohibition on profit distribution and rules for use of funds
11. Compliance and Reporting: Requirements for regulatory compliance and maintaining nonprofit status
12. Dissolution and Winding Up: Procedures for dissolution and distribution of assets to other charitable entities
13. Amendment Procedures: Process for modifying the operating agreement
14. Governing Law and Jurisdiction: Specification of applicable laws and jurisdiction for dispute resolution
1. Foreign Contributions: Include when the organization plans to accept international donations, detailing FCRA compliance
2. Branch Operations: Include when the organization plans to operate multiple branches
3. Intellectual Property Rights: Include when the organization will develop or use significant IP
4. Conflict Resolution: Include detailed dispute resolution procedures when requested by members
5. Advisory Board: Include when the organization plans to have an advisory board distinct from the main board
6. Volunteer Management: Include when the organization will rely significantly on volunteer work
7. Grant-Making Procedures: Include when the organization will function as a grant-making entity
1. Schedule A - Initial Members: List of founding members with their details and contributions
2. Schedule B - Board Members: Initial board composition and member details
3. Schedule C - Charitable Activities: Detailed description of planned charitable programs and activities
4. Schedule D - Financial Procedures: Detailed financial management and control procedures
5. Schedule E - Compliance Checklist: Checklist of regulatory requirements and compliance procedures
6. Appendix 1 - Forms: Standard forms for member admission, resignation, and other regular procedures
7. Appendix 2 - Conflict of Interest Policy: Detailed policy for handling conflicts of interest
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