The Minnesota LLC operating agreement is a long-term safeguard against potential internal company disputes while establishing its credibility as an entity. It is generally suggested that each member and owner execute this document in writing since it will dictate their interactions with each other and the company.
The Minnesota LLC operating agreement is a long-term safeguard against potential internal company disputes while establishing its credibility as an entity. It is generally suggested that each member and owner execute this document in writing since it will dictate their interactions with each other and the company.
No. Minnesota does not have any state laws that mandate an LLC to function under an operating agreement; however, LLCs without one can be severely limited in their protections and functions. (Minnesota Statutes 322C.0111)
“Operating agreement” means the contract signed by all an LLC’s members and containing the company rules, code of conduct, and business activities;