Updated on November 8th, 2021
An Ohio multi-member LLC operating agreement is a legal document that protects the members of a limited liability company (LLC) from personal liability and establishes the operational framework of their business. The completed contract will relay the business’s operations, taxation, and ownership, as well as rules for the sale or dissolution of the company. Although an LLC is not legally required to draft an operating agreement, in the absence of such a contract, the company’s internal operations will be governed by state law. Furthermore, the document may be needed as evidence of an LLC’s existence and status for banking, investment, and tax purposes.