Free Multi-Member LLC Operating Agreement Template
Multi-Member LLC Operating Agreement
This Multi-Member LLC Operating Agreement (the "Agreement") is entered into as of January 1, 2055, by and among the members listed below (collectively referred to as the "Members") for [YOUR COMPANY NAME], a limited liability company organized under the laws of the State of Alabama (the "Company").
I. Formation of the LLC
1.1 Name of the LLC
The name of the limited liability company shall be [YOUR COMPANY NAME].
1.2 Purpose
The purpose of the Company is to engage in any lawful business activity for which a limited liability company may be organized under the laws of the State of Alabama.
1.3 Principal Office
The principal office of the Company shall be located at Huntsville, AL 35801, or such other location as may be designated by the Members.
1.4 Registered Agent
The registered agent for the Company shall be Johan Green, with a business address of Huntsville, AL 35801.
1.5 Term
The term of the Company shall commence on the date of filing the Articles of Organization and shall continue perpetually unless dissolved pursuant to this Agreement or the laws of the State of Alabama.
II. Members and Ownership Interests
2.1 Members
The Members of the Company are as follows:
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[YOUR NAME], owning 50%
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Johan Green, owning 30%
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Alfonso Jewel, owning 20%
2.2 Membership Interests
The Members' respective ownership interests ("Membership Interests") are set forth above and shall represent their proportionate rights in the profits, losses, and distributions of the Company.
2.3 Admission of New Members
New Members may be admitted upon unanimous written consent of all existing Members and the execution of an amended Operating Agreement.
III. Management
3.1 Management of the Company
The Company shall be managed by Member-Managed, with the powers and duties specified below:
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All Members shall have equal rights in the management of the Company.
3.2 Authority
The Members shall have authority to make all decisions regarding the operation of the Company, except as otherwise provided in this Agreement.
3.3 Voting
Decisions requiring Member approval shall be made by a majority vote based on ownership percentage unless otherwise specified in this Agreement.
IV. Contributions and Distributions
4.1 Initial Contributions
Each Member has contributed or shall contribute the following to the Company:
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[YOUR NAME]: $50,000
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Johan Green: $30,000
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Alfonso Jewel: $20,000
4.2 Additional Contributions
Additional contributions may be required only upon unanimous consent of all Members.
4.3 Distributions
Distributions of profits or losses shall be allocated according to the Members' ownership percentages, unless otherwise unanimously agreed upon.
V. Meetings
5.1 Regular Meetings
Regular meetings of the Members shall be held annually at Huntsville, AL 35801, or as otherwise agreed upon by the Members.
5.2 Special Meetings
Special meetings may be called by any Member with 14 days' notice to all other Members.
5.3 Quorum
A quorum for meetings shall consist of Members holding a majority of the ownership percentages.
VI. Indemnification
The Company shall indemnify and hold harmless the Members, Managers, and agents from any liabilities incurred in the course of carrying out their duties, to the fullest extent permitted by law.
VII. Dissolution
7.1 Events of Dissolution
The Company shall be dissolved upon the occurrence of any of the following:
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Unanimous written agreement of all Members.
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The sale or disposition of all Company assets.
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Entry of a decree of judicial dissolution.
7.2 Winding Up
Upon dissolution, the Company's assets shall be distributed in the following order:
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Payment of Company liabilities.
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Distribution to Members in accordance with their ownership percentages.
VIII. Miscellaneous Provisions
8.1 Amendments
This Agreement may be amended only by a written instrument signed by all Members.
8.2 Governing Law
This Agreement shall be governed by and construed in accordance with the laws of the State of Alabama.
8.3 Entire Agreement
This Agreement constitutes the entire agreement among the Members and supersedes all prior agreements or understandings.
IN WITNESS WHEREOF, the Members have executed this Agreement as of the date first written above.
[YOUR NAME]
Date: January 1, 2055
Johan Green
Date: January 1, 2055
Alfonso Jewel
Date: January 1, 2055
