LLC Operating Agreement (Multi Member)

$225.00

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An operating agreement is a legal document that outlines the ownership interests and duties of members (owners) of limited liability companies (LLCs) and cannot be used in connection with any other type of business entity.  It also defines the company’s management structure, describes how the company’s profits/losses are allocated and distributed, and sets out the terms of engagement for the company’s members.

If you plan on forming an LLC with partners, then you NEED an operating agreement. Think of it as something like an LLC Pre-Nup…you hope you never need to use it, but will be so glad you have it if you do.

More About This Template…

This template was drafted by a licensed, experienced business law attorney and reviewed for correctness by a law professor. So trust us, you’re in good hands! This template is easy-to-read and ready-to-use. All you have to do is download and fill in the blanks. But, if you still need some guidance on how to complete the template, we have included drafting notes and comments in the document to help guide you as you navigate the template. 

Template Specs

  • Delivered in both MS Word and PDF Formats
  • Document is 14-pages in length (including a “Certificate of Formation” establishing adoption of the operating agreement by the members and an exhibit providing specific information about the members)
  • Compatible with both PC and Mac
  • Available for download on desktop and mobile
  • Comes with a “draft” version complete with drafting tips and notes
  • Easily customizable with your brand colors and logo
  • Ready for upload into any electronic signature platform

Template Highlights

This template includes the following:

  • A provision that sets forth the general information about the company including the company’s , manager, registered agent, principal address and purpose
  • A clause detailing how members (owners) may be added to or removed from the company
  • A clause that provides members with a first right of refusal for any members selling his/her interest in the company
  • A provision that relieves members from personal liability for any acts performed while carrying out the activities of the company
  • Rules for voluntary withdrawal or resignation by a member
  • A non-compete provision prohibiting leaving members from participating in competing businesses
  • Some other legal stuff that makes this agreement super legit

Who should use this template?

  • Limited liability companies with more than one owner.

Not sure how to fill out a template? Here are some basic tips to help!

1. Once completed and signed, this will be an internal document for your company. You will not need to share or file it with any governing bodies. However, be sure to keep a copy in your company’s records.

2. Signing and filling contracts by hand is so 2005! Take the stress out of executing your agreements by using an electronic signature platform like DocuSign, HelloSign or AdobeSign to sign and disseminate your agreements.

3. This document will set forth the rules of government for your LLC, be sure to fill in the blanks with terms that work best your company and its members.

4. Be sure to amend or update this agreement as often as necessary to accurately reflect your wishes for rules of government of the company.

5. Be sure that all members of the company understand and agree to the terms of this operating agreement PRIOR to signing.

TEMPLATE TERMS AND CONDITIONS

Once you purchase this template, you will receive a link to complete a digital download of your templates. The item will be available for download only ONE time for the thirty (30) days immediately preceding your purchase. Once the thirty (30) days has passed, you will no longer be able to download the product from this site. You will also not be able to download the template from this site more than once. Accordingly, we highly encourage you to download your template and save it to your computer immediately, if you can. If you can’t then be sure to do so within the first thirty (30) days of purchase.

Formally does not offer refunds for products. Once a product has been purchased, You are deemed to have received the full benefit of the product. However, if you’re not satisfied, for any reason, please share your concerns with us via email at support@formallyforms.com and we will make best efforts to provide a reasonable solution.

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