A Louisiana multi-member LLC operating agreement is a crucial legal document that outlines a company’s rules, policies, and procedures with more than one managing member. While not mandatory by Louisiana state law, it’s highly recommended that all businesses create and file this document to safeguard their members’ financial assets and personal property.
Without an operating agreement, members could become personally liable for the company’s debts in case of litigation or business failure. This document also offers tax benefits and allows owners to define their company’s structure, duties and powers of members, decision-making policies, and provisions for indemnifying members and their personal assets from company liabilities.
