Multi-Member LLC Operating Agreement Template

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A multi-member LLC operating agreement is a document that outlines the operations of an entity consisting of two (2) or more members. Without executing this type of contract, the entity is governed in accordance with the rules and standards established by the state in which it is formed, which may or may not align with the company’s goals.

Single-Member LLC Operating Agreement: For LLCs with only one (1) member/owner.

By State

Contents

What is a Multi-Member LLC?

A multi-member LLC operating agreement is a business form used to provide the framework of an LLC where ownership is shared between two (2) or more people.

The agreement is a legally-binding company guide that contains the member structure, ownership, and rules of governance by which all members are bound. The form itself will often vary from one company to the next but in general they all maintain a similar overall structure.

What It Covers

The operating agreement contains the following fundamental sections:

By downloading the form in the Word (.docx) format, one can easily modify the document’s language and add or remove sections. However, if modifications will be made, it is recommended that sections be reworded instead of being deleted altogether; some provisions contain important language necessary for the legal protection of the entity and its members.