An Indiana multi-member LLC operating agreement codifies an understanding between two (2) or more members who jointly own a limited liability corporation. The agreement includes such information as:

• Who owns which interests;
• The company’s purpose;
• The company’s office location;
• The plan for allocating profits and losses;
• Members’ powers and duties;
• How membership will be transferred;
• How the company will be wound up;
• and more.

The agreement protects members from disputes and their personal assets from claims made in court. Each signatory should retain a copy of it.