A Delaware multi-member LLC operating agreement is a document utilized by members to establish the internal structure and operational protocols of the limited liability company. It serves as a comprehensive rulebook governing company activities and the roles and responsibilities of its members.
The state mandates the implementation of an operating agreement, allowing its execution before, after, or upon the LLC’s registration with the Division of Corporations. This document protects members from utilizing personal assets to settle company-related claims in the event of litigation while also offering potential tax benefits.
