A Minnesota multi-member LLC operating agreement is a crucial document that enables multiple owners of a limited liability company to establish guidelines for internal management. It also separates the business assets from those of the owners, providing protection in the event of litigation or company debt.
Although not legally required in Minnesota, having an operating agreement is highly beneficial for outlining the general conduct of the business and governing the owners’ business relationships in writing. The agreement records investments, percentage interests, and valuation endorsements of the owners.
