» » » Vermont Multi-Member LLC Operating Agreement Form

Vermont Multi-Member LLC Operating Agreement Form

Create a high quality document online now!

The Vermont multi-member LLC operating agreement is a legal document that will provide a process whereas agreements would be reached between all members of a business with regard to all aspects of the business. The document will ensure that members agree upon items such as percentages of ownership, capital contributions, distributions among other vital aspects of the business. Implementation of the document will also provide tax benefits that would not be available without the document’s placement within the company.

Most important, however, is the fact that all member’s personal assets and finances would be adequately protected from state defaults in the event of litigation, aggressive creditors etc. Members should read the document to ensure that they are clear with regard to the language. If assistance is required, they may decide to speak with an attorney who is knowledgeable with business law.

How to Write

Step 1 – Download the form and enter the name of the company into the field at the top of the document

Step 2 – Agreement –

  • Enter the agreement’s effective date in mm/dd/yyyy format
  • Provide member’s names

Step 3 – Company – Once the members have reviewed the information they may also enter any required information

Formation –

  • Enter the commencement date (mm/dd/yyyy)
  • Submit the name of the company
  • Submit the business name that shall be used when conducting the principal business

Name –

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

Office –

  • Provide a physical address that shall be maintained where the principal business will be conducted

Registered Agent –

  • Submit the name of the agent initially registered
  • Submit the registered business address

Term –

  • Enter the date of the commencement of the business in mm/dd/yyyy

Read the two remaining titles:

  • Names and Addresses of Members
  • Admission of Additional Members

Step 4 – Titled Sections and Subsections – All members must read the following sections and subsections:

  • Capital Contributions and subsections 2.1 through 2.3
  • Allocations of Profits and Losses; Distributions and subsections 3.1 through 3.3
  • Indemnification
  • Powers and Duties of Managers, Section 5.1 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 and 7.1 through 7.4
  • Transfer of Membership Interest – 8.1 and 8.2 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, also 9.2 and subsections 9.2.1 through 9.2.3

Step 5 – General Provisions – Member must review all following titles:

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

Step 6 – Additional Documents, Member’s Signatures and Acknowledgement – Members may only submit signatures to in the presence of a Notary Public –

  • Enter members printed or typed names
  • Members shall provide their signatures

Listing of Members – Schedule 1 –

  • Provide the company name at the beginning of the page
  • Submit a date that the list will be effective in dd/m/yy format
  • Enter all members names
  • Enter all member’s complete addresses
  • Type or print members names
  • Submit members signatures

Listing of Capital Contributions -Schedule 2 –

  • Submit the company name at the beginning of the page
  • Submit members respective names
  • Enter the member’s contribution ($100.00 minimum required. No further obligation to provide future contributions)
  • Provide the members percentages of interest
  • Enter the date of the member’s signatures – (dd/m/yy)
  • Print or type members names
  • Enter the member’s signatures

Listing of Valuation of Members Interest – Schedule 3 – Provide:

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

Step 7 – Notarization –

  • When the document has been completed, the notary shall witness and record all members signatures

All members must receive a copy of the document for their personal records