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Printable Multiple Members Operating Agreement Form

The Multiple Members Operating Agreement is a crucial document that outlines the management structure and operational procedures for a business with multiple members. This agreement helps ensure clarity and fairness among members, addressing key aspects such as decision-making, profit distribution, and member responsibilities. To get started on creating your agreement, please fill out the form by clicking the button below.

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Table of Contents

Document Overview

Fact Name Description
Purpose The Multiple Members Operating Agreement outlines the management structure and operational guidelines for a multi-member LLC.
Governing Law Each state has its own laws governing LLCs. For example, in California, the California Corporations Code applies.
Members' Rights The agreement specifies the rights and responsibilities of each member, ensuring clarity in decision-making processes.
Profit Distribution It details how profits and losses will be distributed among members, which can be based on ownership percentages or other agreed-upon methods.
Amendments The document includes provisions for how the agreement can be amended, allowing flexibility as the business evolves.
Dispute Resolution It often outlines procedures for resolving disputes among members, promoting a harmonious working relationship.
Duration The agreement can specify the duration of the LLC, whether it is perpetual or has a set end date.
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Popular Multiple Members Operating Agreement Types:

Indiana Llc Forms - It specifies how business decisions will be made and who has authority to make them.

Documents used along the form

The Multiple Members Operating Agreement is a crucial document for businesses with multiple owners. However, several other forms and documents complement this agreement, ensuring that all aspects of the business are properly managed and legally sound. Below is a list of commonly used documents that work alongside the Operating Agreement.

  • Articles of Organization: This document officially establishes the existence of the business entity in the state. It includes basic information such as the business name, address, and the names of the members.
  • Bylaws: Bylaws outline the internal rules and procedures for managing the business. They cover aspects like meeting schedules, voting rights, and the roles of members.
  • Member Resolution: This document records decisions made by the members, such as approving new members or significant business actions. It serves as a formal record of member agreements.
  • Membership Certificates: These certificates provide evidence of ownership in the business. They are issued to members and detail their ownership percentage and rights.
  • Operating Procedures Manual: This manual outlines the day-to-day operations of the business. It includes guidelines for various processes, ensuring consistency and efficiency.
  • Tax Identification Number (TIN) Application: This form is necessary for obtaining a TIN from the IRS. A TIN is essential for tax purposes and is required for opening business bank accounts.
  • Financial Statements: Regular financial statements, including balance sheets and income statements, provide insight into the business’s financial health. They are crucial for decision-making and compliance.
  • Partnership Agreement (if applicable): In cases where members are entering into a partnership, this document outlines the terms of the partnership, including profit sharing and responsibilities.

Each of these documents plays a vital role in the overall governance and operation of a multi-member business. Ensuring that they are properly drafted and maintained will help protect the interests of all members involved.

Document Sample

Multiple Members Operating Agreement

This Multiple Members Operating Agreement (“Agreement”) is made as of the ___ day of ___________, 20___, by and among the following members (individually referred to as "Member" and collectively as "Members"):

  • Name: ___________________________________
  • Address: _________________________________
  • Name: ___________________________________
  • Address: _________________________________

This Agreement is governed by the laws of the State of ___________.

Article I: Formation

The Members hereby form a Limited Liability Company ("Company") pursuant to the laws of the State of ___________. The name of the Company shall be “______________________.”

Article II: Purpose

The purpose of the Company is to ___________________________________________.

Article III: Members

  1. Each Member’s initial capital contribution shall be as follows:
    • Member: ___________________ Contribution: $_____________
    • Member: ___________________ Contribution: $_____________
  2. Additional contributions may be made as agreed upon by all Members.

Article IV: Management

The management of the Company shall be vested in the Members. Decisions shall be made by a majority vote unless otherwise specified.

Article V: Distributions

Distributions of profits shall be made to Members in proportion to their respective ownership interests unless otherwise agreed upon.

Article VI: Indemnification

The Company shall indemnify any Member or Manager from any liability incurred in their capacity as such, to the fullest extent permitted by law.

Article VII: Amendment

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

Article VIII: Miscellaneous

  • This Agreement constitutes the entire understanding among the Members.
  • Any provisions found to be unenforceable shall not affect the remainder of this Agreement.

IN WITNESS WHEREOF, the undersigned Members have executed this Agreement as of the date first written above.

  • Member Signature: ____________________________ Date: ____________
  • Member Signature: ____________________________ Date: ____________