Multi Member Llc Operating Agreement Template

Disclaimer

The material provided is intended solely as a general example for informational purposes. It does not constitute legal advice and should not be relied upon as a substitute for consulting a qualified attorney specializing in business organization or partnership law. Laws and regulations may vary depending on the state or jurisdiction, and adjustments may be required to ensure compliance with local requirements. The use of this example is the sole responsibility of the user, and we assume no liability for any errors, omissions, or consequences arising from its use without professional review.

This sample Operating Agreement template is provided for illustrative purposes only. Actual documents may vary depending on specific circumstances and legal requirements. Customize details accordingly.

Multi-Member LLC Operating Agreement Sample

Parties Involved:

Member 1: Alice Johnson
Address: 789 Maple Street, Springfield, IL 62704

Member 2: Bob Lee
Address: 101 Pine Road, Springfield, IL 62705

LLC Description:

This Limited Liability Company (the “Company”) is formed under the laws of the State of Illinois, with its principal place of business at 789 Maple Street, Springfield, IL 62704. The purpose of the Company is to engage in lawful business activities as decided by the Members.

Management Structure:

The Company shall be managed by its Members. All decisions shall be made jointly unless otherwise specified in this Agreement. Each Member’s ownership interest is as follows: Alice Johnson (60%), Bob Lee (40%).

Capital Contributions:

Each Member has contributed the following capital to the Company:

• Alice Johnson: $50,000
• Bob Lee: $30,000

Profits, Losses, and Distributions:

Profits and losses shall be allocated to Members in proportion to their ownership interests. Distributions shall be made at such times and in such amounts as agreed upon by the Members.

Dissolution and Term:

The Company shall continue until dissolved by consent of Members holding at least a majority of ownership interests or as otherwise provided by law. Upon dissolution, assets shall be liquidated and distributed in accordance with ownership interests.

Additional Provisions:

• Any amendments to this Agreement must be in writing and signed by all Members.
• Members shall maintain accurate records and provide annual accounting statements.
• Membership interests cannot be transferred without prior unanimous consent of the Members.

Springfield, ______________________