A Nevada multi-member LLC operating agreement is a document that establishes the ownership structure and standard operating procedures for a limited liability corporation owned by more than one (1) member. (Members can be individuals or other corporations.) The agreement outlines such details as:
- Where the company is located;
- Who owns which interests;
- What initial capital contributions were made;
- How profits and losses will be allocated;
- The powers and duties of members;
- How accounting will be handled;
- How membership can be transferred;
- How the company can be dissolved;
- and more.
Each member should keep a copy of the agreement on file.