A Kentucky limited liability company operating agreement is an integral document for this type of entity’s structure. Since Kentucky has no specific statutes requiring one, it will be up to the members of a limited liability company to develop and issue an operating agreement for their company. This will aid the members in staying true to the original agreement, avoid confusion in the entity’s power structure, and fulfill other important functions, such as establishing the Kentucky company’s tax status.
Is it Required in Kentucky?
No, the State of Kentucky does not require LLCs to keep an operating agreement in place but will consider it a written contract if one is developed and signed.
Templates (2)
Single-Member LLC Operating Agreement – Used by limited liability companies with no more than one (1) member.
Multi-Member LLC Operating Agreement – Used exclusively by limited liability companies with at least two (2) members.
State Definition
“(21) – “Operating agreement” means any agreement, written or oral, among all of the members, as to the conduct of the business and affairs of a limited liability company. If a limited liability company has only one (1) member, an operating agreement shall be deemed to include: (a) A writing executed by the member that relates to the affairs of the limited liability company and the conduct of its business regardless of whether the writing constitutes an agreement; or (b) If the limited liability company is managed by a manager, any other agreement between the member and the limited liability company as it relates to the limited liability company and the conduct of its business, regardless of whether the agreement is in writing.”
