This template is an operating agreement for a member-managed limited liability company (LLC) with multiple members in Nevada. The detailed clauses regarding capital contributions, management, and distributions may be especially important when there are multiple members. This template includes practical guidance, drafting notes, and optional clauses. Nevada law does not require that an LLC adopt an operating agreement, though Operating Agreements are essential for multi-member LLCs because the Nevada LLC statute provides very limited default provisions regarding the operation of an LLC. This is an operating agreement template used by a member-managed LLC, as opposed to a manager-managed LLC. Agreements or documents of this type should be customized for each transaction or situation. Thus, this agreement or document should be viewed only as a partial template. For more information on Nevada LLCs, see Formation and Qualification (NV LLC).