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Create a customized operating agreement for a multi-member LLC in Florida with a 60-40 ownership percentage.

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Creating a customized operating agreement for a multi-member LLC in Florida involves outlining specific details about the LLC structure, management, ownership, and financial arrangements. Below is a template for a multi-member LLC operating agreement reflecting a 60-40 ownership percentage.

Operating Agreement of [LLC Name]

Article I: Formation

  1. Formation: This Limited Liability Company (the "Company") was formed pursuant to the Florida Limited Liability Company Act (Chapter 605, Florida Statutes) by filing Articles of Organization with the Florida Department of State.

  2. Name: The name of the Company is [LLC Name].

  3. Principal Office: The principal office of the Company shall be located at [Address].

  4. Duration: The Company shall continue in existence until dissolved as provided herein.

Article II: Purpose

  1. Business Purpose: The purpose of the Company is to engage in any lawful business activity permitted under the laws of the State of Florida.

Article III: Members and Ownership Interest

  1. Members: The Members of the Company and their respective ownership interests are as follows:

Article IV: Capital Contributions

  1. Initial Capital Contributions: Each Member has contributed the following initial capital contributions to the Company:

  2. Additional Contributions: No Member shall be required to make additional contributions. However, additional capital contributions may be made by mutual agreement of the Members.

Article V: Profits, Losses, and Distributions

  1. Allocation of Profits and Losses: Profits and losses of the Company shall be divided among the Members in proportion to their ownership interests:

  2. Distributions: Distributions shall be made to the Members as follows:

    • Distributions shall be made annually, or as otherwise agreed by the Members in proportion to their respective ownership interests.

Article VI: Management

  1. Management of the Company: The Company shall be managed by the Members. Each Member shall have equal rights in the management and control of the Company.

  2. Decisions: All decisions shall be made by majority vote based on ownership percentage.

Article VII: Meetings

  1. Annual Meetings: The Members shall hold an annual meeting to discuss the Company's affairs, financial condition, and any other business.

  2. Special Meetings: Special meetings may be called by any Member.

  3. Quorum: A quorum for the transaction of business at meetings shall be a majority of the ownership interests (60% of the membership interests).

Article VIII: Accounting and Records

  1. Fiscal Year: The fiscal year of the Company shall be the calendar year.

  2. Records: The Company shall maintain complete and accurate books and records of its business and financial affairs.

  3. Right to Inspect: Each Member shall have the right to inspect and copy the Company’s books and records at any reasonable time.

Article IX: Indemnification

  1. Indemnification: To the fullest extent permitted by Florida law, the Company shall indemnify any Member or former Member for all expenses and liabilities incurred in connection with the Company.

Article X: Amendment

  1. Amendment: This Operating Agreement may be amended only by a written agreement signed by all Members.

Article XI: Miscellaneous

  1. Governing Law: This Agreement shall be governed by and construed in accordance with the laws of the State of Florida.

  2. Severability: If any provision of this Agreement is found to be unenforceable, the remaining provisions shall continue in effect.

  3. Entire Agreement: This Agreement constitutes the entire agreement among the Members with respect to the subject matter hereof and supersedes all prior agreements and understandings.

IN WITNESS WHEREOF, the Members hereto have executed this Operating Agreement as of this [date].

Member 1 Name, Member

Member 2 Name, Member

Notes:

  1. This is a template and will need to be customized based on your specific situation, additional clauses, or requirements.
  2. Consider consulting with a legal professional when drafting your operating agreement to ensure compliance with state laws and regulations.