Updated on November 17th, 2021
The Minnesota multi-member LLC operating agreement enables owners of a limited liability company lay out the guidelines for the internal management of their company. The agreement also helps establish the LLC as its own entity, separating the business assets from those of the owners. In the event that the company faces litigation or acquires company debt, its owners will be protected. The execution of an operating agreement is highly beneficial to company owners, despite the fact that it is not legally required by the state of Minnesota.