A multi member operating agreement allows for the owners, or ‘Members’, of an LLC to make an understanding with one another about the ownership interest, monies invested, and set the bylaws of the company. In Hawaii, an operating agreement is not required by law but is legally binding if it is to be filled-in and authorized.
“Operating agreement” means the agreement under section 428-103 concerning the relations among the members, managers, and limited liability company. The term includes amendments to the agreement.
How to Write
The document may be created by gathering all the details of the LLC including the:
- Full Names and Addresses of all the Members
- Formation Information – May be located at the Secretary of State
- Articles of Organization
- Primary Business Use/Purpose
- Officer Designations
- Manager(s) Full Name
It is not required but is highly recommended to have all the members meet together to sign in the presence of a notary public.