A North Dakota multi-member LLC operating agreement is a crucial contract for entities with multiple owners, detailing the company’s operational rules, ownership details, and managerial policies. Although not mandated by North Dakota law for operation, it’s advised for safeguarding member interests against litigation and enabling access to certain tax advantages.
This agreement encompasses the LLC’s purpose, financial practices, and procedures for changes or dissolution, thus preventing internal disputes and protecting personal assets from business liabilities. It’s also beneficial for securing loans or attracting investors.
