A New York multi-member LLC operating agreement is a critical document for outlining the ownership, management, and operational guidelines of a company. It secures members against personal liability and clarifies procedures for financial distributions, record-keeping, and tax filings.
The agreement should be drafted within 90 days of the LLC’s formation as per New York statute ยง 417. While it is not submitted to the state, this agreement, agreed upon by all members, must be securely stored at the LLC’s registered office, ensuring both legal compliance and protection for the members.
