A Florida multi-member LLC operating agreement is a document that establishes the structure of a limited liability corporation owned by two (2) or more members. The agreement includes such details as:
- The powers and duties of owners;
- How the company will manage salaries and expenses;
- Procedures for transferring membership interest;
- Procedures for winding up the company;
- and more.
While the agreement is not required by law in Florida, it serves to reduce the risk of conflict between owners and to protect members’ assets from any potential lawsuits. The agreement should be signed in the presence of a notary public, and each signatory should retain a copy of it.