Operating Agreement
(Manager-Managed, Multiple Members) (Short Form) (MI LLC)

This template is a short form operating agreement for a Michigan limited liability company (LLC) that is manager-managed with multiple members. This template includes practical guidance, drafting notes, and alternate clauses. Michigan law does not require that an LLC adopt a written operating agreement; however, written operating agreements are strongly recommended, particularly for multi-member LLCs. Statutory default provisions concerning the operation of an LLC will apply in many cases unless an operating agreement provides otherwise. Counsel should note that great latitude is afforded to limited liability companies in terms of economic, voting, and tax matters and, accordingly, careful consideration should be given to the particular needs of a given enterprise. Consultation with tax counsel is advised in connection with the negotiation and terms of an operating agreement. For more information on Michigan limited liability companies, see Formation and Qualification (MI LLC) and Ownership Interests (MI LLC).