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The Multi Member LLC Operating Agreement is a fundamental document required when establishing a Limited Liability Partnership (LLP) in India with multiple partners. This agreement is essential for businesses seeking to operate under the Limited Liability Partnership Act, 2008, providing protection of personal assets while maintaining operational flexibility. It outlines the rights, responsibilities, and relationships between partners, establishing clear guidelines for business operations, profit sharing, decision-making, and dispute resolution. The document becomes particularly crucial in India's business environment, where LLPs have become a popular choice for professional services and growing enterprises. It must comply with Indian regulatory requirements while accommodating specific business needs and future growth considerations, making it a vital tool for protecting member interests and ensuring smooth business operations.

1. Parties: Identification and details of all founding members (partners) of the LLC

2. Background: Context of the agreement, purpose of forming the LLC, and brief business description

3. Definitions and Interpretation: Definitions of key terms used throughout the agreement and rules of interpretation

4. Formation and Name: Details of LLC formation, registered name, and business address

5. Purpose and Powers: Statement of business purpose and powers of the LLC

6. Capital Contributions: Initial and subsequent capital contributions by members, valuation methods

7. Membership Interests: Allocation of ownership interests, voting rights, and economic rights

8. Management Structure: Management framework, designation of managers, roles and responsibilities

9. Meetings and Voting: Procedures for member meetings, voting requirements, and decision-making processes

10. Financial Affairs: Accounting practices, fiscal year, banking, financial statements, and records

11. Distributions: Profit and loss allocation, distribution policies and procedures

12. Transfer Restrictions: Limitations on transfer of membership interests and right of first refusal

13. Exit Provisions: Member withdrawal, resignation, removal, and consequences

14. Dissolution and Winding Up: Circumstances triggering dissolution and liquidation procedures

15. Confidentiality: Protection of confidential information and trade secrets

16. Dispute Resolution: Procedures for resolving disputes between members or with the LLC

17. General Provisions: Standard boilerplate clauses including notices, amendments, governing law