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").
The name of the limited liability company shall be [YOUR COMPANY NAME].
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.
The principal office of the Company shall be located at Huntsville, AL 35801, or such other location as may be designated by the Members.
The registered agent for the Company shall be Johan Green, with a business address of Huntsville, AL 35801.
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.
The Members of the Company are as follows:
[YOUR NAME], owning 50%
Johan Green, owning 30%
Alfonso Jewel, owning 20%
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.
New Members may be admitted upon unanimous written consent of all existing Members and the execution of an amended Operating Agreement.
The Company shall be managed by Member-Managed, with the powers and duties specified below:
All Members shall have equal rights in the management of the Company.
The Members shall have authority to make all decisions regarding the operation of the Company, except as otherwise provided in this Agreement.
Decisions requiring Member approval shall be made by a majority vote based on ownership percentage unless otherwise specified in this Agreement.
Each Member has contributed or shall contribute the following to the Company:
[YOUR NAME]: $50,000
Johan Green: $30,000
Alfonso Jewel: $20,000
Additional contributions may be required only upon unanimous consent of all Members.
Distributions of profits or losses shall be allocated according to the Members' ownership percentages, unless otherwise unanimously agreed upon.
Regular meetings of the Members shall be held annually at Huntsville, AL 35801, or as otherwise agreed upon by the Members.
Special meetings may be called by any Member with 14 days' notice to all other Members.
A quorum for meetings shall consist of Members holding a majority of the ownership percentages.
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.
The Company shall be dissolved upon the occurrence of any of the following:
Unanimous written agreement of all Members.
The sale or disposition of all Company assets.
Entry of a decree of judicial dissolution.
Upon dissolution, the Company's assets shall be distributed in the following order:
Payment of Company liabilities.
Distribution to Members in accordance with their ownership percentages.
This Agreement may be amended only by a written instrument signed by all Members.
This Agreement shall be governed by and construed in accordance with the laws of the State of Alabama.
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
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