Operating Contract (Multi-Member, Manager-Managed) (Simple) (California)

The "Operating Contract (Multi-Member, Manager-Managed) (Simple) (California)" is a legal template that specifically pertains to the establishment and management of a limited liability company (LLC) in the state of California. This comprehensive document outlines the rights, responsibilities, and obligations of multiple members involved in the operation of the LLC. It is designed for situations where there are multiple owners or partners who wish to appoint a manager to handle the day-to-day affairs of the company. This template provides a straightforward and simplified framework for organizing and managing the LLC, with a particular focus on the roles and decision-making powers of the manager. The document may address various topics such as member contributions, profit sharing, voting rights, buyout provisions, dispute resolutions, and the dissolution of the LLC if needed. It is important to note that due to its simplicity, the template may not include more intricate provisions or address specific industry-related concerns, making it suitable for basic LLC structures in California.