The Missouri multi-member LLC operating agreement is used by limited liability companies with multiple owners (known as “members”) to define how the company will run and detail the owner’s rights and responsibilities. The document also clarifies the company’s status as an LLC, and thus enables the owners to benefit from the accompanying personal asset protection. Unlike many other states, Missouri law requires that every LLC must have an operating agreement on file. The form is an internal document and does not need to be filed with the Secretary of State.
The agreement will describe each member’s power and authority, voting rights, how income and losses are allocated, and any options or restrictions relating to transferring members’ interests in the LLC.