The multiple member operating agreement is for Illinois LLC’s that have more than one (1) owner. Typically, if two (2) people form an entity with one another, they will want some sort of agreement that states the terms of ownership and the distribution of profits/revenue. This is where the operating agreement comes in to provide a contract between the members that works much like a partnership agreement.
- Defined by the State as:
"Operating agreement" means the agreement under Section 15-5 concerning the relations among the members, managers, and limited liability company. The term "operating agreement" includes amendments to the agreement.
How to Write
Fill-in the necessary blanks in order to validate the agreement. After the form has been completed, it is best to arrange all the members mentioned to sign in front of a notary public.
All information needed may be found at the Secretary of State’s Website for the fields provided:
- Name of LLC
- Member Names (First, Middle, Last)
- Formation of the Company
- Articles of Organization Details
- Registered Agent and Office
- Primary Business Use
- Tax/Fiscal Year
- Officer(s) – Example: President (P), Vice President (VP), Treasurer (T), etc.
- Member Powers – Example: Class A Members, Class B Members, etc.
- Percent Interest for Contributions