An Alaska multi-member LLC operating agreement is a legal form used for recording the rules and procedures of an LLC that has two (2) or more members. It can be thought of as the “service manual” for a business as it allows insight into how the company is structured and governed internally.

A copy of the document is commonly kept by each member, providing them with the legal proof of what all parties unanimously agreed upon. Come tax season, the entity will be seen as a partnership in the eyes of the IRS, requiring each member to pay their share of the entity’s profits or losses corresponding to their interest in the LLC.