Operating Contract (Multi-Member, Manager-Managed) (Florida)

The operating contract template mentioned is specifically devised for a multi-member Limited Liability Company (LLC) operating in the state of Florida, where the management of the company is entrusted to managers instead of the members themselves. This legal document serves as a comprehensive guide outlining the rights, responsibilities, and obligations of all members involved in the LLC. It includes provisions related to membership interests, capital contributions, profit and loss sharing, decision-making processes, management structure, and voting rights. Additionally, the template will likely cover rules governing the admission and withdrawal of members, dispute resolution mechanisms, and the dissolution process of the LLC. This operating contract plays a crucial role in defining the operating procedures for the multi-member, manager-managed LLC, ensuring clarity and promoting smooth business operations while adhering to the legal requirements set forth by the state of Florida.