Form 6.2 is a generic (i.e., non-state specific) model operating agreement for a multi-member LLC:
- That has three or more members;
- That has a limited partnership management structure and is managed by an individual who is also a member of the LLC (a “member-manager”);
- That provides its non-manager members with substantial management voting and information rights (but not with agency authority or the right to manage the LLC’s day-to-day business); and
- That is subject to federal income taxation as a partnership under Internal Revenue Code Subchapter K.
Form 6.2 is designed so that it can be readily tailored for use under the Delaware Limited Liability Company Act and under most other U.S. LLC acts.
Very roughly 10% of U.S. LLCs have an ownership structure, a management structure and a federal tax structure generally similar to the LLCs for which Form 6.2 is designed.
To access Form 6.2, please click here.
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