Impact-Site-Verification: 59dd913e-d960-427c-8346-c2264d98dcae

Included with LeaseCraft Annual · Preview free

Multi-Member LLC Operating Agreement

Create an operating agreement for an LLC with two to four members: ownership, capital, management, voting, buyouts and transfers. Preview before you buy.

Start your Multi-Member LLC Operating Agreement Browse documents
Guided questions Preview before you download PDF and editable Word (DOCX)

What this document does

An operating agreement for a limited liability company with two to four members, covering the company's formation details and purpose, each member's capital contribution and percentage interest, additional capital, member-managed or manager-managed operation, voting and major decisions, profits, losses and distributions, transfer limits with a right of first refusal, buyouts on death, disability or withdrawal, dissolution, records and banking, and member liability and indemnification.

What it covers

  • Parties
  • The Company
  • Members, Capital, and Percentage Interests
  • Management
  • Voting and Meetings
  • Profits, Losses, and Distributions
  • Transfers of Interests
  • Withdrawal, Death, Disability, and Buyout
  • Dissolution and Winding Up
  • Books, Records, and Banking
  • Liability and Indemnification
  • Additional Terms
  • General Provisions

A template you fill in yourself from your own answers. LeaseCraft is not a law firm and does not give legal advice; for advice about your situation, talk to a lawyer.

How it works

1

Answer the questions

Plain-language questions about the people, dates and terms.

2

Preview it free

Read the document built from your answers and change anything before you download.

3

Download PDF and Word

Included with LeaseCraft Annual ($19.99/year).

Questions about the Multi-Member LLC Operating Agreement

The company's name, formation details and purpose, what each member contributed and the percentage each owns, whether the members or a named manager run the business, which decisions need a special vote, how profits and distributions are shared, limits on selling an interest, buyouts when a member dies, becomes disabled or leaves, dissolution, records and banking, and protection for members and managers.

In a member-managed LLC the members run the business together and vote by percentage interest. In a manager-managed LLC a named manager runs day-to-day operations and the members vote only on major decisions. You choose, and the agreement changes to match.

The LLC buys the departing member's interest at fair value, set by agreement or by an independent appraiser, and pays it in one payment or in monthly installments, as you choose.

No. It allocates profits and losses by percentage interest and follows applicable tax law, but it does not recommend a tax treatment. Each member should consult their own legal and tax advisors.

Create your Multi-Member LLC Operating Agreement

Answer the questions, then preview the finished document before you download it.

Start now
Draft saved
Home
Create
States