Operating Agreement
(Member-Managed, Multiple Members) (AZ LLC)

Summary

This template is an operating agreement for a member-managed limited liability company (LLC) with multiple members for use by an Arizona LLC. This template includes practical guidance, drafting notes, and alternate clauses. The detailed clauses regarding capital contributions, management, and distributions may be especially important when there are multiple members. Counsel should consult with the LLC's accounting service providers to ensure the tax provisions are appropriate for the LLC. For further information on limited liability companies in Arizona and the statutory framework governing their formation and operation, see Formation Checklist (AZ LLC), Formation and Qualification (AZ LLC), and for information on filing requirements generally, see Operating Agreement and Initial Filing Requirements State Law Survey (LLC).