Our multi-member LLC operating agreement template is expertly crafted by legal professionals to ensure that your business is fully compliant with state regulations and protected from legal liability, giving you peace of mind and security as you grow your enterprise.
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A Utah Multi-Member LLC Operating Agreement is a legal tool used by firms with more than one contributing or managing member. Members use this agreement to achieve consensus on various elements of the company's guidelines and protocols, as well as other key conditions.
While Utah state law does not mandate such a document for companies to begin operations, the lack of this agreement could expose members' personal assets in the event of legal disputes. After finalizing and submitting this agreement to the state, the members' assets gain immediate protection. Additionally, the completed and filed document provides access to advantageous tax benefits.
Members are advised to review the agreement before finalization and submission. If there is a lack of understanding or uncertainty, seeking legal guidance is advised.
Your Limited Liability Company's official name is key to this document. It must be unique and unused by any other business entity within Utah.
This field indicates the date of official execution or signing of the agreement by all parties. It's not necessarily the formation or commencement date of the business. Full legal names of all LLC members should be input here, recognizing their stake in the company.
This date denotes the official formation of the Limited Liability Company, the date of state paperwork filing or a mutually agreed-upon date by members. Your LLC's official name goes here again.
This section calls for the reiteration of your company's official name. A unanimous agreement by members is necessary for any future name changes.
Here, you specify your company's primary business address within Utah. This location will receive official mail and is where your business operations are based.
Indicate the full name of your registered agent, the person or business responsible for accepting legal papers on the company's behalf in the event of a lawsuit. The physical location of this agent within Utah should be specified.
You establish the official commencement date of the company here. The language also implies that your LLC's term will continue indefinitely unless stated otherwise in the agreement.
Printing or typing your name and signing here serves as confirmation that you agree with the agreement's terms. All LLC members should do the same.
You should include your LLC's legal name here, effectively serving as the title page of your agreement. The date this list of members is valid needs to be mentioned here.
This section requires a comprehensive list of all company members alongside their addresses. Each member's name should be listed next to their official address.
The member(s) authorizing the member listing should print, type, and sign their names here. All LLC members should follow suit, confirming the list's accuracy and completeness.
Your LLC's official name should be reiterated here.
Here, each member's initial financial contributions to the company should be detailed. Members should list their names, contribution amounts, and corresponding company ownership percentages.
Each member should print or type their name and sign on the specified line next to the date of signing.
You should once again put the official name of your LLC here.
This section should detail the current value of each member's stake in the business. Each member should list their name and the value of their interest in the business.
Members should print or type their names, sign, and date the document, confirming their agreement with the stated current value of their business stake.
