Proper Business Structure for 3 Owners of a Multifamily Building

[Jo Cole]

Hi,

My 2 partners and I currently own a 5 unit building in Hudson County, NJ. I'm in the process of refinancing the property and I'm being told that now is the time to change the structure of the business from direct ownership to LLC for asset protection. I have experience with single member LLCs, however, I'm not sure where / how to begin creating the LLC for multiple members. I'm under the impression that the LLC is created and registered as an S corp or a C corp (I would choose S). I'm also under the impression that the operating agreement needs to cite specific clauses in order to be a proper LLC (to ensure personal asset protection still applies).

Is there anyone who can speak to this and perhaps share a sample of an operating agreement with me?  I'm doing my best to keep legal costs down, however, I do realize that it can sometimes be more expensive when you don't have a lawyer / accountant tending to these matters.  

Thanks!