Skip to content
Multi-Member LLC Operating Agreement

Multi-Member LLC Operating Agreement

$597.00 - $597.00
$597.00
$597.00 - $597.00
$597.00

What would happen if your business partner suddenly decided to go in a different direction or even worse passes leaving you alone with the business? Even if you’re building a business with a friend or trusted colleague, a Multi-Member LLC Operating Agreement is *essential*. Having a clear roadmap often makes the difference between thanking yourself and kicking yourself if business doesn’t go as planned.

An LLC Operating Agreement is much more detailed than information you file with your state. It shows respect for you, your partners, and your business by setting clear expectations and resolving issues in advance.

This Multi-Member LLC Operating Agreement Template Covers Situations Like

- Ownership structure: How each member owns the business, expressed as a percentage
- Management: How the LLC will be managed, including how the management team is selected
- Decision-making: How key business decisions will be made, and what actions require a vote by the members
- Profit and loss distribution: How profits and losses will be allocated among members, and how often they will be distributed
- Voting rights: The voting rights of each member, including their voting share
- Holding meetings: When and how they are held
- Buyout and buy-sell provisions: What happens when a member wants to leave and sell their share, or if a member dies
- And much more!

This Multi-Member LLC Operating Agreement Template is Best Suited For

This agreement is for multi-member LLC partners who want to get organized and legally protected.

(If you have a solo business or single-member LLC, we highly recommend our Single-Member LLC Operating Agreement Template instead.)

What would happen if your business partner suddenly decided to go in a different direction or even worse passes leaving you alone with the business? Even if you’re building a business with a friend or trusted colleague, a Multi-Member LLC Operating Agreement is *essential*. Having a clear roadmap often makes the difference between thanking yourself and kicking yourself if business doesn’t go as planned.

An LLC Operating Agreement is much more detailed than information you file with your state. It shows respect for you, your partners, and your business by setting clear expectations and resolving issues in advance.

This Multi-Member LLC Operating Agreement Template Covers Situations Like

- Ownership structure: How each member owns the business, expressed as a percentage
- Management: How the LLC will be managed, including how the management team is selected
- Decision-making: How key business decisions will be made, and what actions require a vote by the members
- Profit and loss distribution: How profits and losses will be allocated among members, and how often they will be distributed
- Voting rights: The voting rights of each member, including their voting share
- Holding meetings: When and how they are held
- Buyout and buy-sell provisions: What happens when a member wants to leave and sell their share, or if a member dies
- And much more!

This Multi-Member LLC Operating Agreement Template is Best Suited For

This agreement is for multi-member LLC partners who want to get organized and legally protected.

(If you have a solo business or single-member LLC, we highly recommend our Single-Member LLC Operating Agreement Template instead.)

Multi-Member LLC Operating Agreement
Multi-Member LLC Operating Agreement

$597.00

Clauses Included

- Names of Parties to Agreement: Identifies members to clarify who is entering into the contract.

- Definitions of the Terms: Clarifies key terms in the operating agreement.

- Name and Principal Place of Business Clause: Details the name of the business and the principal place of business.

- Formation Clause: Identifies where the company is formed and the date.

- Purpose Clause: Details the purpose of the company.

- Term Clause: Clarifies how long the business will continue.

- Members Capital Contributions: Identifies each member and their contribution and contribution value.

- Distributions: Details how distributions will occur and how debts will be paid.

- Books, Records, and Tax Returns: Ensures proper books will be kept.

- Bank Accounts: Identifies where funds will be deposited.

- Management of the Company: Details who will manage the company, how new members can be admitted into the company, and what happens if a member leaves.

- Dissolution and Liquidation Notices: Identifies the steps taken when a company dissolves.

- Arbitration: Requires disputes go through arbitration first.

- Venue & Jurisdiction: Specifies the legal venue and interpretation of law for any disputes or claims.

- Amendments: Details that the agreement cannot be changed without the consent of all parties.

- Indemnification: Protects you from third-party legal liabilities and claims.

- Headings: States that headings are for organization, not legal interpretation.

- Entire Agreement: Confirms this contract is the full and complete agreement between the parties.

- Counterparts & Facsimile Signatures Clause: Allows for electronic signatures to deem the contract valid.

- Signature Lines: Provides space for the members to sign and make it official!

Disclaimer

DISCLAIMER: By purchasing a template contract and/or document from The Legal Paige, LLC, you are not given access to Paige, and no attorney-client relationship is created.

All template documents are drafted using general U.S. contract principles and are not state-specific. Our products are easy to use and have highlighted, editable sections with commentary on what to amend according to your business practices and local and state laws. You may modify the document on your own or find an attorney in your state to help you.

Some template documents are available in Canada, have been reviewed by a Canadian lawyer, and are drafted using general Canadian common law contract principles (not for use in Quebec due to civil law jurisdiction). Thus, if you purchase a Canadian template all language in the document will be applicable to your business operating in Canada. If you need assistance modifying the document, please find a lawyer in your territory/province to help you.

You’re getting a whole lot more than a legally legit contract!

What’s Included Us Others
Lawyer-Drafted Contract Template (editable DOC + PDF file)
You receive a customizable .docx file and a PDF of the original attorney-drafted contract with Paige’s legal notes!
Us
check_1_2_3.png
Others
check_1_2.png
Talk to Real Lawyers
Value $1000
It’s like having a lawyer on tap to ask questions and get clarifications! No other contract shop gives you access to its owner AND other attorneys on staff... but WE DO!
Us
check_1_2_3.png
Others
check_1_2_1.png
Fast & Easy Customer Support
Value $500
We have dedicated, human customer support reps sitting in our inbox every day, ready to help with anything you need.
Us
check_1_2_3.png
Others
check_1_2_1.png
Free Future Contract Updates
Value $500
As laws shift and industry standards evolve, we revise our contracts. You’ll automatically receive every update at no additional cost.
Us
check_1_2_3.png
Others
check_1_2_1.png
How to Respond to Contract Questions - 15 Free Email Templates
Value $297
Plug‑and‑play email templates for sticky client situations—rescheduling, cancellations, late payments, scope creep, and more.
Us
check_1_2_3.png
Others
check_1_2_1.png
How to Use Your Contract Video Tutorial by Paige
Value $300
A full video walkthrough on how to customize, modify, and use your contract in your business correctly from day one.
Us
check_1_2_3.png
Others
check_1_2_5.png
Easy-to-Understand Clause Explanations by Paige
Value $300
Paige walks through the sections you'll see in your contract so you can actually understand your own agreement and explain it confidently to clients.
Us
check_1_2_3.png
Others
check_1_2_5.png
Complete Guide to Sending Contracts & Adding/Changing Services
Value $300
A practical guide on how to send contracts, add or change services without a new agreement, and set up retainers correctly.
Us
check_1_2_3.png
Others
check_1_2_5.png

How Our Contracts Work

From instant download to final delivery, here’s how you can personalize and put your attorney-drafted contract to work in just minutes

HIW1.png
HIW2.png
HIW3.png

Frequently Asked Questions

Can I edit this contract to fit my business needs?

Yes! Each TLP contract template is designed with detailed guides, comments, and yellow highlights offering suggestions and direction on how to customize the template to fit your unique business needs.

Additionally, every product includes:

A video tutorial from Paige walking you through the step-by-step customization process.
Tips throughout the contract template from a lawyer’s perspective on how to tailor it specifically to YOUR business.
Free updates from The Legal Paige to ensure your contract stays current with legal trends.
With these resources, modifying your contract is simple, stress-free, and sets you up to be legally legit!

Is this contract legally binding?

Yes, they are legally binding! Our template contracts are designed to work in all U.S. states. They are drafted with language that aligns with general and common contract laws across the United States. However, The Legal Paige® disclaims having your specific contract reviewed by an attorney in your state to ensure full compliance with local laws.

Please note that all of our contracts, unless otherwise noted, are U.S. based and not suitable for use outside the U.S. (If you reside in the U.S., you are considered U.S.-based). If you are located outside of the U.S. or Canada, we advise consulting a licensed lawyer/esquire/barrister in your country to review the contracts, as the language will need to be modified to comply with your country’s contract laws.

For Canadian business owners, we offer select contracts that have been reviewed in partnership with a Canadian lawyer to ensure their suitability! You can find these contracts HERE. (These contracts are not suitable for Quebec-based businesses).

How will I receive the contract after purchase?

You’ll receive a .zip folder with a 5-download limit. This folder includes a PDF, two Word document files, and additional information with side comments to help you easily customize your contract, short form or clause. We recommend downloading the .zip folder on a desktop, as mobile devices often have trouble opening zipped files properly.

Can I reuse this contract for multiple clients?

Yes! That’s exactly what makes TLP contracts so valuable. Once you purchase a template, you can use it again and again with every client you book—no need to pay thousands for a custom contract each time.

Will I receive updates if the law changes?

Yes, you'll receive contract updates via email from The Legal Paige®! The date it was last updated will appear at the top of the document’s first page in red!

Have More Questions
View All FAQs

Not sure what’s right for you?

We’re here to help! Take a quick quiz to discover the best option for your needs, or talk to one of our experts for personalized recommendations.

Take a Quiz Talk to an expert
CONTRACT FINDER