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Nebraska Multi-Member LLC Operating Agreement Form

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The Nebraska multi-member LLC operating agreement is a legal document that is utilized by various types of entities that will have more than one (1) managing/contributing member. The document will assist the member(s) in creating an agreement that will set forth procedures and company policies that are required to keep the business running well between the members. The state does not require that the document be in place in order to operate a business within the state of Nebraska. If the members elect not to complete and file the document, there will be no separation between the member’s personal and financial assets, from business liabilities and debts. This would leave the members liable inasmuch as any undocumented business will find the law defaults to the state.By implementing the document, the members are protected should the members find they are facing litigation of any kind.

The members should take the time to review the document before completion, to be certain that all members are in complete understanding. If the members find that they don’t understand any aspect of the document, they may wish to collectively, consult with an attorney to clarify and/or assist with the completion of the document.

How to Write

Step 1 – Download the form and enter the company name in the line at the beginning of the document

Step 2 – Agreement –

  • Enter a date that the document will become effective – mm/dd/yyyy
  • Provide the member’s names

Step 3 – Company –

  • Members must review the following titles. Submit required information

Formation –

  • Provide the date of commencement in mm/dd/yyyy format
  • Submit the name of the company
  • Enter the name that shall be used, while conducting the principal portion of the business

Name –

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

Office –

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

Registered Agent –

  • Submit the name of the initially registered agent (full name)
  • Provide the registered address where the business will be maintained

Term –

  • Enter the date of commencement of the business (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 Subsections) – The members must read all sections and subsections:

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

Step 5 – General Provisions – The members must carefully review the information contained within the following titles:

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

Step 6 – Additional Documents, Member’s Signatures and Notary Acknowledgement– All members, may only apply signatures to the remaining documentation, in the presence of a Notary Public, to be effective –

  • Members – enter printed or typed names
  • Members must enter their signatures

Listing of Members – Schedule 1 –

  • Enter the company name at the beginning of the page
  • Submit a date when list is expected to be effective dd/m/yy format
  • Provide the members names
  • Submit the member’s addresses
  • All members must print or type their names
  • Members – apply signatures

Listing of Capital Contributions -Schedule 2 –

  • Enter the company name at the top of the form
  • Provide members names
  • Submit the member’s contribution ($100.00 minimum required. Once the contribution has been made, no further obligation to provide future contributions will be required)
  • Enter the member’s percentages of interest
  • Submit the date the member’s apply their signatures – (dd/m/yy)
  • Print or type names of all member
  • Provide all member’s signatures

Listing of Valuation of Members Interest – Schedule 3 –

  • Provide the company name at the top of the page
  • Enter all member’s names
  • Provide the amount of the member’s Valuation Endorsement
  • Submit the date of member’s signatures – (dd/m/yy format)
  • Provide the date of member’s signatures
  • Members must enter their signatures before a notary public in service

Step 7 – Notarization –

  • Once the forms have been completed, the notary shall complete the remainding aspects of the document with their required information. The notary shall then sign the document and affix their official seal

All signatories, must receive a copy of the document for their own record keeping purposes.