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.