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.