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Illustrative Form of Multi-Member Operating Agreement
Updated through June 2013 © 2013 Herrick K. Lidstone, Jr.
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Illustrative Form of a Multi-Member Operating Agreement
THE FOLLOWING DOCUMENT IS A FORM PREPARED BY HERRICK K.
LIDSTONE, JR. OF BURNS, FIGA & WILL, P.C. FOR USE IN A CONTINUING
LEGAL EDUCATION SEMINAR. THIS FORM IS INTENDED TO BE INSTRUCTIVE
AND ILLUSTRATIVE ONLY, INDICATING CERTAIN TYPES OF PROVISIONS
THAT MAY BE APPROPRIATE IN CERTAIN COLORADO LIMITED LIABILITY
COMPANIES. THIS FORM IS NOT INTENDED FOR ANY SPECIFIC
TRANSACTION, AND SHOULD ONLY BE USED AS AN AID BY A LAWYER
FAMILIAR WITH THE STRUCTURE OF LIMITED LIABILITY COMPANIES.
PURSUANT TO INTERNAL REVENUE SERVICE RULES OF PRACTICE, ANY TAX
ADVICE SET FORTH IN THIS FORM IS NOT INTENDED OR WRITTEN TO BE
USED, AND CANNOT BE USED, FOR THE PURPOSE OF (A) AVOIDING PENALTIES
THAT MAY BE IMPOSED UNDER THE INTERNAL REVENUE CODE OR (B)
PROMOTING, MARKETING OR RECOMMENDING TO ANOTHER PARTY ANY
TAX-RELATED MATTER ADDRESSED HEREIN.
THIS FORM IS KEPT UP TO DATE AT www.bfwlaw.com. CHECK FOR UPDATES.
OPERATING AGREEMENT
OF
NEWCO, LLC
A COLORADO LIMITED LIABILITY COMPANY
___________, 2013
It should be noted that this Illustrative Form of a Multi-Member Operating Agreement
contains potentially inconsistent and contradictory provisions that must be carefully considered
before incorporating into a business transaction. These are included for demonstrative purposes,
only.