A Utah multi-member LLC operating agreement establishes how a limited liability corporation owned by multiple members will be owned and operated. The document contains such information as:
- Where the company will be domiciled;
- How ownership is established and transferred;
- Who contributed what;
- How profits and losses will be determined and allocated;
- How financial affairs will be managed;
- How the corporation will be dissolved, if it comes to that;
- and more.
Each signatory should retain a signed and notarized copy of the agreement, which can be useful in case disputes arise.