Multi Member Llc Agreement

Summary

A Multi-Member LLC Operating Agreement outlines the structure and rules for Affordable Towing and Recovery, a Mississippi-based company. It details the companys formation, tax classification, and business purpose. The agreement specifies equal ownership between two members, Jennifer Delores Bouknight-Spence and Vance Howard Harris, and requires unanimous decisions for major business actions like amending the agreement, adding or withdrawing members, and dissolving the company. Management decisions are made by the members, who also share profits and losses according to ownership. The agreement includes non-compete clauses, capital contribution requirements, and procedures for member withdrawal and company dissolution. It is governed by Mississippi law and requires unanimous consent for amendments.

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Multi-Member LLC Operating Agreement
Affordable Towing and Recovery
*. Company Details:
- Name: Affordable Towing and Recovery
- Address: * Peachtree Rdg, Meridian, Mississippi, *
- State of Formation: Mississippi
- Date of Formation: [Insert Date]
- Tax Classification: Partnership
- Purpose: Vehicle Towing and Roadside Assistance
- Term: Perpetuity
- Fiscal Year-End: August
*. Members:
- Jennifer Delores Bouknight-Spence: *% ownership
- Vance Howard Harris: *% ownership
- Address: * Peachtree Rdg, Meridian, Mississippi, *
*. Voting Requirements:
- Business Decisions: Require consent of both partners.
- Amending Agreement: Unanimous decision.
- Adding/Withdrawing Members: Unanimous decision.
- Dissolving Company: Unanimous decision.
*. Management and Authority:
- Decisions made by Members.
- Members can bind the Company legally*. Financial Matters:
- Distributions: Monthly.
- Profits/Losses: Shared per ownership.
- Capital Contributions:
- Jennifer: Up to $*,*
- Vance: Secure contracts.
*. Meetings:
- Held as required.
*. Non-Compete:
- Prohibited from competing in similar business.
*. Withdrawal and Dissolution:
- Withdrawal: Written notice and approval.
- Dissolution: Unanimous decision, assets distributed per ownership.
*. Miscellaneous:
- Governing Law: Mississippi.
- Amendments: Require unanimous decision.
- Severability: Invalid provisions do not affect the rest.
*. Acknowledgment:
- Agreement signed by both parties.
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