An Arizona multi-member LLC operating agreement is a legal document for businesses with more than one owner, outlining terms, conditions, and covenants between the company and its members. This contract establishes the primary rules governing the operation and management of a limited liability company while also serving as evidence of the separation of company assets from those of its members in the event of legal disputes.
While not mandatory, implementing this agreement and adhering to its policies offer essential legal protections for businesses and their members in potential litigation scenarios, safeguarding personal assets and clarifying operational procedures.
