A Minnesota limited liability company operating agreement is often recommended when forming an LLC. Minnesota business owners are free to choose to institute either a verbal or a written agreement; however, a signed and notarized agreement exhibits the power needed to verify a signature member’s willingness to adhere to its rules and provisions. This agreement should be utilized by both multi-member LLCs in Minnesota and single-member LLCs with the suggestion that the Minnesota members make sure that a professional, such as an attorney or an accountant, is consulted before its execution.
Is it Required in Minnesota?
No. No Minnesota laws require an operating agreement’s execution for a limited liability company to be organized or to continue functioning.
Templates (2)
Single-Member LLC operating agreement – To be utilized by LLCs with only (1) one member.
Multi-Member LLC operating agreement – The contract used by LLCs with at least (2) two members.
State Definition
“Subd. 17 – “Operating agreement” means the agreement, whether or not referred to as an operating agreement and whether oral, in a record, implied, or in any combination thereof, of all.“
