A New Jersey multi-member LLC operating agreement is a document that commits multiple members, or owners, of a limited liability corporation to a clear set of expectations about how the company will be run. The agreement includes such information as:

• Who owns interests;
• What contributions those members made;
• How members can transfer ownership interests;
• How profits and losses will be distributed;
• Members’ powers and duties;
• How accounting and taxes will be managed;
• How the company will be dissolved, if it comes to that;
• and more.

Each signatory to the agreement should keep a signed copy on file.