An Indiana multi-member LLC operating agreement is a legal document that defines the company’s policies, management, membership, internal operations, and allocation of profits/losses. While not required by the state, it is highly recommended that LLCs draft one to protect the owners’ assets from legal action or debts.
Without an operating agreement, members become personally liable for the company’s debts. The document does not need to be submitted to the Secretary of State and can be kept at the LLC registered office.
