Example ContractsPremium TemplatesLLC Operating Agreement (Multiple Members)

LLC Operating Agreement (Multiple Members)

Contract--Business--Operating Agreement

Operating agreement for an LLC with multiple members.

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You can also download it in PDF or as a well-structured Microsoft Word document.

This LLC Operating Agreement (Multiple Members) template is an essential legal document designed for multi-member limited liability companies. It provides a comprehensive framework for structuring the governance and operational aspects of an LLC. The agreement covers key topics such as:

  1. Company Formation & Structure: Establishes the LLC’s formation, name, duration, and principal place of business.
  2. Member Rights & Responsibilities: Defines membership, capital contributions, and the admission of new members.
  3. Management & Voting: Outlines management roles, member-managed vs. manager-managed structures, and voting procedures.
  4. Distributions & Allocations: Specifies how profits, losses, and distributions are allocated among members.
  5. Membership Transfers & Withdrawal: Regulates the transfer of membership interests, voluntary withdrawal, and rights in case of a member's death.
  6. Valuation & Buyout Procedures: Establishes methods for valuing the company and handling membership interest sales or disputes.
  7. Dissolution & Winding Up: Details conditions for dissolution and the distribution of assets.

This agreement ensures clarity in the relationships between LLC members and provides legal protection by addressing critical operational concerns.

This is not legal advice, and is not intended for use by consumers. This template is offered to licensed AllDrafts users as a resource for lawyers who are responsible for adapting this draft to their client's specific needs and circumstances and ensuring compliance with applicable laws.

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