A Kentucky multi-member LLC operating agreement is an important document that governs a limited liability company’s membership structure and internal operations. It outlines the specifics of how the business will be managed, which is especially important for entities that have more than one member managing the company’s daily operations.
The agreement establishes the entity as an LLC, holding the company liable for any potential financial damages and protecting its members. It’s recommended that LLCs implement an operating agreement during the initial stages rather than relying on Kentucky state statutes to determine how their business will run.
The agreement shouldn’t be filed with the Secretary of State but kept in the company’s personal records.
