An Arkansas multi-member LLC operating agreement is a contract that sets forth provisions for the performance, management, and structure of a limited liability company that has two (2) or more owners. The form acts as a manual for company activity, relaying instructions for profit allocation, adding and removing members, transferring ownership, bookkeeping, dispute resolution, and other common business matters.

Arkansas does not impose a legal requirement for LLCs to draft an operating agreement. Despite this fact, the contract is still a valuable tool for any company and should be implemented during the initial stages of the entity’s formation.