Updated on November 6th, 2021
A Maryland multi-member LLC operating agreement is created by the founders of a new limited liability company to establish the specifics of how their business will operate. The document encompasses the company’s structure, the roles and relationships of owners, procedures, and protocols for decision-making, and the provisions that will indemnify the owners from legal and financial liability.
Members are not required to create an LLC operating agreement; however, it will allow them to receive the full benefits and protection of the LLC structure. The completed document does not need to be delivered to the Secretary of State and can be kept at the company’s registered office.