Updated on November 1st, 2021
A Delaware multi-member LLC operating agreement is the document used by members of a limited liability company to establish the entity’s internal structure and operating procedures. It serves as a rule book that governs both company activity and the powers and duties of the members thereof.
In Delaware, unlike most other states, an operating agreement must be implemented. It can be entered into before, after, or upon the LLC’s registration with the Division of Corporations.