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Maine Multi-Member LLC Operating Agreement Form

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The Maine multi-member LLC operating agreement is a legal document that would be used for the purpose of setting forth company policies and procedures that are vital to the successful operation of any business regardless of the size. The document, once completed and filed with the respective state, will provide a separation of the members from those of the business from the expenses and debts of the company. This single action will protect the members personal, financial assets in any form. The implementation of the document will also allow tax benefits that would otherwise be denied without the document in place.

Members should carefully consider reading, collectively,  through the document to be certain that they all are in full understanding of the form. If not, the members should consider contacting an attorney for consultation and clarification.

How to Write

Step 1 – Once the form has been downloaded, enter the name of the company at the top of the document

Step 2 – Agreement – Enter the following information:

  • The date that the document would become effective (mm/dd/yyyy)
  • Submit the names of all members

Step 3 – Company Organization – All members review the following titles. Provide all requested, information

Formation –

  • Submit the effective commencement date (mm/dd/yyyy)
  • Enter the company name
  • Submit the name that shall be used for the which the principal of the business shall be conducted

Name –

  • Enter the name that will be used to conduct the company’s business
  • Purpose – Review the statement

Office –

  • Submit the physical address to be maintained whereas the perform the principal of the business

Registered Agent –

  • Enter the full name of the agent who had been initially registered
  • Submit the registered, physical address of the office

Term –

  • Enter the date when the company’s business shall commence – mm/dd/yyyy

Read the final two titles in this section as follows:

  • Names and Addresses of Members
  • Admission of Additional Members

Step 4 – Titled Sections and All Subsections – The members must review the sections and subsections as follows:

  • Capital Contributions (subsections 2.1 through 2.3)
  • Allocations of Profits and Losses; Distributions (review subsections 3.1 through 3.3)
  • Indemnification
  • Powers and Duties of Managers, Section 5.1 ( read subsections 5.1.1 through 5.3)
  • Salaries, Reimbursement, and Payment of Expenses (and subsections 6.1 through 6.3)
  • Books of Account, Accounting Reports, Tax Returns, Fiscal Year, Banking (subsections 7.1 through 7.4)
  • Transfer of Membership Interest – 8.1 and 8.2 (subsections 8.2.1 through 8.2.5) – as well, 8.4 (subsection 8.4.1) and 8.5 (subsections 8.5.1 through 8.5.5)
  • Dissolution – Review 9.1  (subsections 9.1.1 through 9.1.4), also 9.2 (and subsections 9.2.1 through 9.2.3

Step 5 – General Provisions – The members must review the information provided under the following titles:

  • Amendments
  • Governing Law
  • Entire Agreement; Modification
  • Attorney Fees
  • Further Effect
  • Severability
  • Captions
  • Notices

Step 6 – Additional Documents, Member’s Signatures and Notarization(s) – All members, must only submit signatures to the remaining documentation, in the presence of a Notary Public so that they may be effective –

  • Members must provide printed or typed names
  • The Members shall enter their signatures (respectively)

Listing of Members – Schedule 1 –

  • Enter the name of the company at the top of the page
  • Enter a date in which the list shall become effective in dd/m/yy format
  • List the names of all members
  • Enter physical addresses for all members
  • Member’s typed or printed names must be submitted
  • Members must apply signatures

Listing of Capital Contributions -Schedule 2 –

  • Place the name of the company at the top of the page
  • Enter all member’s names
  • Submit each member’s contribution (There will be a $100.00 minimum required with no further obligation to offer future contribution)
  • Enter each member’s percentage of interest/ownership
  • Submit the date of the member’s signatures into the agreement (dd/m/yy)
  • Members must print or type their names in the lines provided
  • The members must provide their signatures

Listing of Valuation of Members Interest – Schedule 3 –

  • Place the name of the company into the first line of the document
  • Enter all member’s names
  • Submit the amount, indicating the member’s Valuation Endorsement
  • Date the member’s signatures, in dd/m/yy format
  • Enter the printed or typed member’s names
  • The members must place their signatures into the lines provided

Step 7 – Notarization –

  • When the notary public has had the opportunity to witness and record member’s signatures, the notary public will complete the required information. This action shall acknowledge the member’s signatures. The notary must then submit signature and affix the necessary notary seal.

Once the document has been completed each member must receive a copy of the document to keep in their personal records.