According to 6 Del.C. Section 18-101(7) a Delaware LLC corporate agreement may be entered into in writing, orally, or implied. It defines the members` capital contributions, the ownership shares and the management structure. Like a marriage contract, a contract of enterprise can avoid future disputes between members by dealing with acquisition rights, valuation formulas and transmission limitations. The written company agreement LLC should be signed by all members.  Although both LLCs and companies have similar characteristics, the basic terminology, generally associated with any type of corporation, at least in the United States, is sometimes different. When an LLC is created, it is called “organized,” not “incorporated”, or “chartered,” and its governing document is also referred to as “statute of the corporation” instead of its “articles of association” or “corporate charter.” The internal operation of an LLC remains governed by its “company agreement” and not by its “articles of association”. The owner of the economic rights of an LLC is designated a “member” and not a “shareholder”.  In addition, ownership of an LLC is represented by a “membership interest” or “LLC interest” (sometimes measured in “membership units” or simply “units” and simply expressed as percentages at other times) rather than by “shares” or “shares” (ownership being measured by the number of shares held by each shareholder). Similarly, a document proving the ownership rights of an LLC when issued in physical, non-electronic form is called a “membership certificate” and not a “share certificate.”  While there is no legal requirement for a company agreement in most jurisdictions, members of a multi-member LLC who work without such an agreement may encounter problems. Unlike state laws on public limited companies, which are very well developed and provide for a large number of governance and protection rules for the company and its shareholders, most states do not impose detailed governance and protection rules for members of a limited liability company.
In the absence of such legal provisions, members of an LLC must establish governance and protection rules in accordance with a corporate agreement or similar relevant document. EUGENE, Ore-Lane Community College and Pacific Northwest College of Art have signed a transfer agreement for CLC art students to enter the NCAP as a junior and save up to two years in tuition….