The membrane potential across a composite bipolar membrane (CBM) composed of a cation-exchange membrane with an anion-exchange membrane is theoretically and experimentally analyzed for LiCl ethanol-water solutions. The theoretical approach is based on an extension of the Donnan equilibrium and the Nernst-Planck equation of monopolar charged membranes for the case of two ion-exchange layers by considering the effect of electrolyte ion pairing in the external solution. The experimental results show that the effective membrane charge densities of the two ion-exchange layers will become smaller than those which are separately estimated for each layer. We have introduced a contact factor, zeta, into the theoretical approach to clarify this phenomenon in this study, and the theoretical predictions were in good agreement with the experimental data. The membrane potential measurements show that CBM has the characteristics of a bipolar membrane and can significantly contribute to a better electrochemical characterization of the CBMs.