LLC Multiple Members Operating Agreement

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Phone: {{phone}} | Email: {{email}} | Web: {{website}}

LLC Multiple Members Operating Agreement

LLC Multiple Members Operating Agreement

1. Formation of LLC

This Operating Agreement (the "Agreement") is made and entered into as of {{effective_date}} (the "Effective Date"), by and among the undersigned members (each a "Member" and collectively, the "Members") of {{llc_name}} LLC (the "Company"). The Company was formed as a limited liability company under the laws of {{jurisdiction}} by the filing of its Articles of Organization on {{filing_date}}.

2. Purpose of the Company

The purpose of the Company is to engage in any lawful act or activity for which limited liability companies may be organized under the laws of {{jurisdiction}}.

Specifically, the Company will operate as a {{business_description}}.

3. Capital Contributions

Each Member shall contribute to the capital of the Company in cash, property, or services as set forth in Schedule A, attached hereto and incorporated by reference.

Initial Capital Contributions:

- {{member_name_1}}: {{contribution_amount_1}} ({{contribution_type_1}})

- {{member_name_2}}: {{contribution_amount_2}} ({{contribution_type_2}})

Further contributions may be required as determined by a {{majority_percentage}}% vote of the Members.

4. Membership Interests and Allocations

The ownership interests of the Members in the Company are set forth in Schedule A.

Profits and losses of the Company shall be allocated to the Members in proportion to their respective membership interests, unless otherwise agreed by all Members in writing.

Distributions of available cash shall be made at the discretion of the Members, typically on a {{distribution_frequency}} basis, as outlined in Schedule A.

5. Management and Voting

The Company shall be managed by its Members.

All major decisions, including but not limited to, admitting new members, dissolving the Company, selling substantially all assets, or incurring debt exceeding {{debt_limit_amount}}, shall require the {{supermajority_percentage}}% approval of the Members.

Routine business decisions may be made by {{management_decision_authority}}.

6. Meetings of Members

An annual meeting of the Members shall be held on {{annual_meeting_date}} or as otherwise agreed upon by the Members.

Special meetings of the Members may be called by any Member upon giving not less than {{notice_period}} days' written notice to all other Members.

A quorum for any meeting of the Members shall consist of Members holding {{quorum_percentage}}% of the total membership interests.

7. Transfer of Membership Interests

No Member shall transfer, assign, or encumber their membership interest without the prior written consent of all other Members.

In the event a Member desires to sell their interest, they must first offer it to the other Members at the same terms and conditions.

Valuation of the interest for buy-sell purposes shall be determined by {{valuation_method}}.

8. Dissolution of the Company

The Company shall be dissolved upon: (a) the unanimous written consent of the Members; (b) the occurrence of any event that makes it unlawful for the business of the Company to be carried on; or (c) the entry of a judicial dissolution order.

Upon dissolution, the assets of the Company shall be distributed in the following order: (a) to pay creditors; (b) to repay capital contributions; and (c) to the Members in proportion to their positive capital account balances.

9. Indemnification

The Company shall indemnify to the fullest extent permitted by law, any Member, officer, or other person who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative, by reason of the fact that he or she is or was a Member or officer of the Company, or is or was serving at the request of the Company as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, against expenses (including attorneys' fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by him or her in connection with such action, suit or proceeding.

10. Governing Law

This Agreement shall be governed by and construed in accordance with the internal laws of {{jurisdiction}}, without regard to its conflict of laws principles.

11. Entire Agreement

This Agreement constitutes the entire agreement among the Members regarding the Company and supersedes all prior agreements and understandings, oral or written.

Any amendments to this Agreement must be in writing and signed by all Members.

12. Signatures

IN WITNESS WHEREOF, the undersigned Members have executed this Operating Agreement as of the Effective Date.

____________________________ {{member_name_1}} ____________________________ {{member_name_2}} ____________________________ {{member_name_3}} (if applicable) Date: {{signature_date}}