A Kentucky multi-member LLC operating agreement is crucial for outlining the management and membership structure of a company with multiple members involved in daily operations. This document, key for internal governance, specifies the business’s management approach, reinforces its status as an LLC to protect members from financial liabilities, and should be established early on. Unlike Kentucky state statutes, this personalized agreement offers a tailored operational blueprint, though it’s not filed with the Secretary of State but maintained within the company’s records.