Operating Agreement For Multi Member Llc Template – US

Legal Framework and Operating Procedures

The following document serves as a general example of the foundational agreement guiding multiple members in a limited liability company within the United States. It is provided solely for informational purposes and does not constitute legal advice. It should not be used as a substitute for consulting with a qualified attorney experienced in corporate law and partnership agreements. Jurisdictional laws and regulations may vary, and necessary adjustments should be made to ensure compliance. The use of this template is at the user’s own risk, and we disclaim any liability for errors, omissions, or consequences resulting from its application without professional legal review.

Please note: This is a sample Operating Agreement template for a Multi-Member LLC in the United States, provided for illustrative purposes only. Actual agreements should be customized to specific circumstances and legal requirements.

Operating Agreement for Multi-Member LLC – Sample Template

Introduction:

This Operating Agreement (“Agreement”) is entered into by and among the Members of [LLC Name], a Limited Liability Company organized under the laws of the State of [State], collectively referred to as the “Members”.

Formation:

The Members hereby form the LLC pursuant to the California Limited Liability Company Act (“Act”) and agree to adhere to this Agreement regarding the operation and management of the LLC.

Members:

• Member 1: [Name], Address: [Address]
• Member 2: [Name], Address: [Address]

Capital Contributions:

The Members have contributed the following capital to the LLC: [Describe contributions, e.g., cash, property, services], and such contributions shall be documented in the LLC’s records.

Profits, Losses, and Distributions:

Profits and losses shall be allocated among the Members in proportion to their respective percentage interests, and distributions shall be made accordingly.

Management:

The LLC shall be managed by the Members collectively or by designated Managers as specified herein. Major decisions require approval by a specified majority or unanimous consent.

Amendments:

This Agreement may be amended only by a written agreement signed by all Members.

Dissolution:

The LLC may be dissolved upon the occurrence of specified events, and the remaining assets shall be distributed according to the Members’ ownership interests.

Governing Law:

This Agreement shall be governed by the laws of the State of [State], including the California LLC statutes where applicable.