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South Dakota Multi-Member LLC Operating Agreement

A South Dakota multi-member LLC operating agreement is a legal contract that establishes the ownership, management, and operations of a limited liability corporation owned by two (2) or more members. Members are owners, and can be either individuals or corporations. The operating agreement sets clear expectations around such matters as:

  • Where the company will be domiciled;
  • Who contributed what capital;
  • Who owns what interests;
  • How those interests can be transferred;
  • How finances and accounting will be handled;
  • How the company will be dissolved, if it comes to that;
  • and more.

Each member should keep a signed, notarized copy of the agreement on file. The agreement can prevent disputes and shield members’ personal assets from any debts or liabilities the company might face.

South Dakota Multi-Member LLC Operating Agreement