A Wyoming multi-member LLC operating agreement is drafted by the founding members of a limited liability company to establish the rules, regulations, structure, and operations of the entity. This is a key administrative document that can help avoid internal disputes, litigation with outside parties, and aid in protecting the members’ personal assets against liability.
The multi-member LLC operating agreement should clearly define each member’s role, rights, and obligations. Having this agreement in place also avoids the default rules of the state being applied to the entity. Wyoming LLC statutes are rather broad and may not be able to cover all the intricacies of each entity, which creates vulnerabilities for the members and the company as a whole.