Updated on November 8th, 2021
A North Carolina multi-member LLC operating agreement is an internal document that is drafted by the members of a limited liability company (LLC) to provide a logistical framework for their company’s operations. The completed contract lays out the percentage of ownership, financial interest, decision-making rights, and obligations of each member. Drafting an operating agreement allows the members to avoid personal liability by separating their personal assets from those of the business. Furthermore, it prevents disputes over ownership and contributions by recording their division on paper.