A Louisiana multi-member LLC operating agreement is a document that allows limited liability companies to govern their internal operations and avoid default state regulations. Via an operating agreement, owners of an LLC can define the company structure, duties and powers of members, decision-making policies, and the provisions used to indemnify members and their personal assets from company liabilities.

As state law provides default regulations for the governance of LLCs, companies are not required to create an operating agreement; however, this may limit the owners’ ability to organize their business in a manner that suits the company’s specific needs.