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Multi-Member LLC Operating Agreement
Free multi-member LLC operating agreement template — ownership splits, management, and voting for an LLC with more than one owner.
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This free multi-member llc operating agreement covers 1. Formation, 2. Ownership, 3. Management, 4. Voting, 5. Distributions with 12 clearly marked [placeholder] fields to fill in — built for founders, freelancers, and small business owners formalizing a business decision or agreement without paying a lawyer to draft it from scratch. Copy it into your own word processor, fill in the placeholders, and review it — or adapt it — before use. It's part of docstoc's free document template library, alongside business, legal, real estate, finance, and HR templates. Every template here is free to copy with no signup required, and each one carries a plain disclaimer: this is a starting point for informational purposes, not a substitute for advice from a licensed professional in your jurisdiction.
Multi-Member LLC Operating Agreement
Company: [Company Name], a [State] limited liability company Members: [List all members] Effective Date: [Date]
1. Formation
The Company was formed under [State] law by filing Articles of Organization on [Date].
2. Ownership
| Member | Ownership % | Initial Contribution |
|---|---|---|
| [Member 1] | [%] | [Amount/Description] |
| [Member 2] | [%] | [Amount/Description] |
3. Management
[Choose one: "Member-managed — all Members participate in day-to-day decisions." OR "Manager-managed — [Name] is designated Manager with authority to bind the Company."]
4. Voting
Major decisions ([list — e.g. "taking on debt over $X, admitting new members, dissolving the Company"]) require approval of Members holding at least [%] of ownership. Routine decisions may be made by [Manager / majority vote].
5. Distributions
Distributions are made to Members in proportion to ownership percentage, at times determined by [Manager/Member vote].
6. Transfer of Membership Interest
A Member may not transfer their interest without [unanimous consent of other Members / right of first refusal for remaining Members].
7. Withdrawal or Death of a Member
[Describe buyout terms, valuation method, and timeline for the remaining Members to purchase the departing/deceased Member's interest.]
8. Dissolution
The Company may be dissolved by [vote of Members holding X% ownership], or as otherwise required by law.
9. Amendments
This Agreement may be amended only by written agreement of Members holding at least [%] of ownership.
[Repeat for each Member:] Member: ______________________ Date: ____________
*This document is provided for informational and educational purposes only and does not constitute legal advice. Multi-member LLCs have more room for future disputes than single-member ones — voting thresholds, buyout terms, and deadlock provisions deserve real attention from a licensed attorney before you need them.*
Edit directly in the box above. Download PDF anytime — the docstoc.io footer is always included and cannot be removed.
What's included
- Edit online — click the document, fill in placeholders, download a PDF
- 9 standard sections: 1. Formation, 2. Ownership, 3. Management, 4. Voting, 5. Distributions, 6. Transfer of Membership Interest, …
- 12 clearly marked [placeholder] fields for quick personalizing
- Free to use — no account or signup required
- Fully editable — adjust any clause to match your actual situation
- Includes a signature block, ready to print or sign digitally
- Fixed docstoc.io footer on every PDF (not removable)
Who this template is for
Freelancers & solo founders
Handling routine business paperwork without commissioning custom legal drafting for every document.
Small businesses
Standardizing recurring documents — leases, agreements, notices — across a growing operation.
Anyone reviewing before signing
Using a clear starting structure to understand what a document should cover, even if a lawyer finalizes it.
Early-stage businesses
Getting the basics documented before things get more complex.
FAQ
Is this multi-member llc operating agreement template really free?
Yes, completely free — view, edit, and download this multi-member llc operating agreement as a PDF without creating an account.
What does this multi-member llc operating agreement cover?
This business template includes 1. Formation, 2. Ownership, 3. Management, 4. Voting. Fill in the [bracketed] placeholders, edit any clause online, then download a PDF — the docstoc.io footer stays on every export.
Is this legal advice?
No. This is a general-purpose starting structure, not advice for your specific situation. Business agreements can hinge on details — state of formation, industry-specific regulation, how a dispute would actually play out — that a template can't account for. Have a business attorney review anything that involves real money or real risk before you rely on it.
Can I edit the wording?
Yes — edit directly on the page, adjust any section or clause, and re-fill the 12 placeholder fields to match your situation before downloading a PDF. It's a starting structure, not a rigid script.
Where can I find more free templates like this?
Browse more free business and related document templates in the docstoc library at /document-templates/.
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