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Illustrative Form of a Multi-Member Operating Agreement THE FOLLOWING DOCUMENT IS A FORM PREPARED BY HERRICK K. LIMESTONE, JR. OF BURNS, FIFA & WILL, P.C. FOR USE IN A CONTINUING LEGAL EDUCATION SEMINAR.
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Doing so requires you to take the following steps: Check to ensure your LLC name is available. Name a registered agent. Decide on the type of entity you want. Pay the filing fee. Craft your operating agreement. Obtain your Employer Identification Number (EIN).
What Should be Included in an Operating Agreement? Names, addresses, and titles of each member. Ownership percentages. Member rights and responsibilities. Responsibility, liability, and powers of members and/or managers. Profit and loss distribution. Buying and selling rules. Dissolution instructions. Meeting guidelines.
An operating agreement is a key document used by LLCs because it outlines the business' financial and functional decisions including rules, regulations and provisions. The purpose of the document is to govern the internal operations of the business in a way that suits the specific needs of the business owners.
What Should be Included in an Operating Agreement? Names, addresses, and titles of each member. Ownership percentages. Member rights and responsibilities. Responsibility, liability, and powers of members and/or managers. Profit and loss distribution. Buying and selling rules. Dissolution instructions. Meeting guidelines.
A two-member LLC operating agreement is a document that outlines the ownership and operational structures and procedures of a limited liability company (LLC) with two owners, also known as members.
An operating agreement, also known in some states as a limited liability company (LLC) agreement, is a contract that describes how a business plans to operate. Think of it as a legal business plan that reads like a prenup.

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