An Indiana multi-member LLC operating agreement is used to relay a limited liability company’s policies and structure, and to protect its members from liability. The document outlines the company’s management, membership, internal operations, and allocation of profits/losses. By defining these provisions, members can manage their company under their terms and avoid defaulting to state regulations.
It is highly recommended that LLCs draft an operating agreement upon formation as the document will aid in safeguarding the owner’s assets from legal action or debts. Completed operating agreements do not need to be submitted to the Secretary of State and can be held at the LLC registered office.