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Sample Operating Agreement for Three Member Llc

When starting a limited liability company (LLC) with multiple members, it is important to have an operating agreement in place. An operating agreement lays out the rules and regulations of the LLC and helps to prevent disputes between members. Below is a sample operating agreement for a three-member LLC.

Article I: Formation

This LLC was formed on [date] in [state] by [member’s names].

Article II: Name and Purpose

The name of this LLC is [name of LLC]. The purpose of the LLC is [state the purpose of the LLC].

Article III: Membership

The LLC has three members [member’s names].

Article IV: Capital Contributions

The initial capital contributions of each member are as follows:

[Member’s name] shall contribute $______.

[Member’s name] shall contribute $______.

[Member’s name] shall contribute $______.

Article V: Profit and Loss Allocation

Profits and losses of the LLC shall be allocated among the members as follows:

[Member’s name] shall receive ____% of the profits and losses.

[Member’s name] shall receive ____% of the profits and losses.

[Member’s name] shall receive ____% of the profits and losses.

Article VI: Management

The LLC shall be managed by the members. Decisions shall be made by majority vote. The members may designate one member as the manager to make day-to-day decisions.

Article VII: Meetings

The members will meet annually on [date and time]. Additional meetings may be called by any member with at least [number] days’ notice.

Article VIII: Dissolution

The LLC shall be dissolved upon the occurrence of any of the following events:

– Unanimous vote of the members

– Expulsion of a member

– Bankruptcy of the LLC

Article IX: Governing Law

This operating agreement shall be governed by the laws of [state].

Article X: Amendments

This operating agreement may be amended by a majority vote of the members.

This is a simple sample operating agreement for a three-member LLC. It is important to note that an operating agreement should be tailored to the specific needs of the LLC and should be reviewed by a lawyer. It is always recommended to consult with a legal professional before finalizing an operating agreement.