Family Llc Operating Agreement Template

Disclaimer

The information provided here is intended solely as a general guide for establishing an agreement among family members operating a limited liability company. It does not constitute legal advice and should not be relied upon as a substitute for consulting a qualified attorney experienced in business law, estate planning, or related fields. Laws and regulations may vary depending on the jurisdiction, and adjustments may be necessary to ensure compliance with local requirements. The use of this template is the user’s sole responsibility, and we assume no liability for any errors, omissions, or consequences resulting from its use without professional review.

This is a sample Family LLC Operating Agreement template. Please note that actual details and legal provisions should be tailored to your specific circumstances and applicable laws.

Family LLC Operating Agreement Sample

Parties Involved:

Member A: Alice Johnson
Address: 789 Maple Lane, Springfield, IL 62704

Member B: Bob Williams
Address: 1010 Oak Street, Springfield, IL 62704

Purpose of the LLC:

The purpose of this Family LLC is to manage and operate family-related investments, real estate holdings, and other family enterprise activities as agreed upon by members.

Capital Contributions:

Members shall contribute capital as follows: Alice Johnson shall contribute $50,000, and Bob Williams shall contribute $50,000, in cash or property as agreed upon. Additional contributions may be made upon mutual agreement.

Management:

The LLC shall be managed by its Members. Decision-making shall require the approval of Members holding a majority of the ownership interest unless otherwise specified in this agreement.

Profits, Losses, and Distributions:

Profits and losses shall be allocated to Members in proportion to their respective ownership interests. Distributions shall be made at such times and in such amounts as determined by the Members.

Dissolution:

The LLC may be dissolved upon the unanimous consent of the Members or as otherwise provided by law. Upon dissolution, assets will be liquidated, and proceeds distributed to Members proportionally.

Additional Provisions:

• Any amendments to this agreement must be in writing and signed by all Members.
• Members shall keep accurate records of all LLC activities and finances.
• Conflicts of interest shall be disclosed and handled in accordance with relevant laws and policies.

Springfield, ______________________