An Oklahoma multi-member LLC operating agreement is a document that legally binds the owners (the “members”) of a limited liability company (LLC) to an agreement regarding the business’s operations and internal framework. By establishing a business entity separate from their personal assets, the members protect themselves from business liability and debts. Oklahoma law doesn’t require LLCs to create operating agreements. However, if an agreement isn’t executed, the LLC’s governance will default to state law which may not serve the interests of the members. Furthermore, banks and investors may demand an operating agreement when the LLC opens a bank account, applies for a loan, or seeks investment.