Operating Contract (Multi-Member, Member-Managed) (Simple) (New York)

The "Operating Contract (Multi-Member, Member-Managed) (Simple) (New York)" is a legal template that addresses the operational aspects of a multi-member limited liability company (LLC) located in the state of New York. The contract outlines the roles, rights, and responsibilities of the LLC's members and provides a framework for managing the company's day-to-day affairs.

Specifically designed for LLCs with multiple members, this template assumes a member-managed structure, where all members actively participate in the decision-making process and have authority to act on behalf of the company. The contract aims to establish clear guidelines to avoid disputes and promote smooth operations within the LLC.

The simple nature of the template implies that it offers a straightforward and easy-to-understand approach, suitable for less complex multi-member LLCs. It does not include extensive provisions or intricate legal language that could potentially confuse the parties involved.

As it is tailored specifically for New York, the template adheres to the state's laws and regulations governing LLCs. It may cover areas such as member contributions and capital accounts, profit and loss allocations, voting rights, management authority, dispute resolution mechanisms, and other key aspects relevant to the efficient functioning of the LLC.

Overall, the Operating Contract (Multi-Member, Member-Managed) (Simple) (New York) template serves as a foundational document that helps establish the operational structure, member rights, and decision-making processes of a multi-member LLC operating in accordance with New York laws. It offers a concise and accessible framework for managing the company's affairs and promoting effective member participation.