A New York multi-member LLC operating agreement is executed by the members of a limited liability company (LLC) to create a binding agreement regarding their company’s rules and operations. The contract’s terms will include the LLC’s division of ownership, management, capital distributions, record keeping, and tax filing. The operating agreement is an internal document that isn’t filed with the state. Instead, it should be securely kept in the LLC’s registered office.
In accordance with New York statute § 417, LLCs are legally required to draft an operating agreement that becomes effective within ninety (90) days of the LLC’s legal formation (but not before).