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Enter the full legal name of this person as it would appear on a legal document.
Enter the full legal name of this person as it would appear on a legal document.
A Multi-Member LLC Operating Agreement governs the internal affairs of an LLC with two or more owners. It defines each member's ownership percentage, capital contributions, profit and loss allocation, voting rights, manager authority, and procedures for admitting new members or handling a departing one. Without this agreement, your LLC defaults to your state's generic LLC statute. Fill out this free llc operating agreement (multi-member) template online, e-sign it digitally, and download a legally valid PDF. no account or lawyer needed. Sections: Company, Members.
This Operating Agreement of ______________, a ______________ limited liability company (the "Company"), is effective ______________ among the undersigned members (each a "Member" and collectively the "Members").
The Company was formed under the ______________ Limited Liability Company Act with its principal office at ______________. The purpose of the Company is: ______________.
The Members and their respective ownership percentages and initial capital contributions are: (a) ______________ — 50%, $0.00; (b) ______________ — 50%, $0.00.
The Company is member-managed. Except as otherwise provided, decisions require the affirmative vote of Members holding more than fifty percent (50%) of the membership interests.
Net profits, losses, and cash distributions shall be allocated among the Members in proportion to their ownership percentages.
No Member may sell, assign, or transfer any membership interest without the prior written consent of all other Members. Remaining Members have a right of first refusal on any proposed transfer.
The Company shall dissolve upon (a) the written agreement of all Members, or (b) any event requiring dissolution under applicable law.
This Agreement shall be governed by and construed in accordance with the laws of the State of ______________, without regard to its conflict-of-laws principles.