A Nebraska multi-member LLC operating agreement is used by owners (also known as “members”) of a limited liability company to lay the foundation of business practices and policies for their company. The division of ownership, capital contributions, and decision-making protocols are just some of the provisions detailed in the form. The agreement should be kept as an internal document and is not required to be filed with the Secretary of State.

One of the primary functions of the operating agreement is to distinguish the LLC as an independent entity, separating business assets from the members’ personal assets. Although not a requirement, notarization of the document is recommended as it further legitimizes the agreement.