A Colorado multi-member LLC operating agreement establishes the standard operating procedures and ownership structure of a limited liability corporation owned by two (2) or more members. The agreement outlines the management and day-to-day activities of the business. It includes such details as:
- The purpose of the business;
- How company decisions get made;
- How membership interest gets transferred;
- How the company will be wound up if it comes to that;
- and more.
Each signatory should retain a copy of the agreement, which should be signed in the presence of a notary public.