The Maine limited liability company operating agreement is mandatory under state law. In this state, a limited liability company must develop and execute an operating agreement between its members in order to form and operate. Maine requires this agreement’s execution, but it does not demand a filing with any government office (unless otherwise directed). Thus, the operating agreement should be kept accessible in the LLC’s files from once it is formally organized until its dissolution.
It should be noted that once an operating agreement is in effect, it may still be amended in the future, provided such amendments are made legally compliant with the concerned agreement.
Is it Required in Maine?
Yes, the State of Maine requires that an operating agreement is executed in writing and kept up-to-date according to member requirements. Once made it should be stored in a readily accessible area of the company’s file.
Laws – 31 § 1531(1)(b)
Templates (2)
Single-Member LLC Operating Agreement – Required by limited liability companies made up of just one (1) member.
Multi-Member LLC Operating Agreement – Required for limited liability companies made up of two (2) or more members.
State Definition
“Definitions (15). Limited liability company agreement. “Limited liability company agreement” means any agreement, whether referred to as a limited liability company agreement, operating agreement or otherwise, written, oral or implied, of the member or members as to the affairs of a limited liability company and the conduct of its activities. A limited liability company agreement of a limited liability company having only one member is not unenforceable by reason of there being only one person who is a party to the limited liability company agreement. A limited liability company agreement includes any amendments to the limited liability company agreement.”
