The Form 5 LLC Operating Agreement (and related agreements)LLC Operating Agreement • December 3rd, 2016
In 2007, Alex Ritchie, Jim Cress and Paul Smith presented a paper at the Rocky Mountain Mineral Law Foundation Annual Institute in Vancouver, British Columbia, called “Form 5 LLC: A Modest Proposal for a Limited Liability Company Agreement Based on Form 5” (the “Modest Proposal”). In that presentation, the authors argued that the Rocky Mountain Mineral Law Foundation’s (the “Foundation”) then existing forms of limited liability company operating agreement and member’s agreement (Form 5A LLC) contained several features that made them less user-friendly than they could be, and that did not reflect the current flexibility offered by the Delaware limited liability statute or the evolution of LLC law and practice. As a result of those and other issues, Form 5A LLC has not been widely used in the mining industry.
The Form 5 LLC Operating Agreement (and related agreements)LLC Operating Agreement • July 7th, 2010
In 2007, Alex Ritchie, Jim Cress and Paul Smith presented a paper at the Rocky Mountain Mineral Law Foundation Annual Institute in Vancouver, British Columbia, called “Form 5 LLC: A Modest Proposal for a Limited Liability Company Agreement Based on Form 5” (the “Modest Proposal”). In that presentation, the authors argued that the Rocky Mountain Mineral Law Foundation’s (the “Foundation”) then existing forms of limited liability company operating agreement and member’s agreement (Form 5A LLC) contained several features that made them less user-friendly than they could be, and that did not reflect the current flexibility offered by the Delaware limited liability statute or the evolution of LLC law and practice. As a result of those and other issues, Form 5A LLC has not been widely used in the mining industry.