A Michigan multi-member LLC operating agreement is a legal document for companies with more than one managing member that establishes company policies and standard operating procedures. Although Michigan doesn’t require LLCs to have this agreement in place, it provides financial and personal asset protection for members and tax benefits for the company.
Without the agreement, default state LLC laws will dictate how the company will operate, which may not cater to the members’ needs. Members should review the document carefully before signing.
