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.
By Type
Single-Member LLC operating agreement – To be utilized by LLCs with only (1) one member. |
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State Definition
(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 the members of a limited liability company, including a sole member, concerning the matters described in section 322C.0110, subdivision 1. The term includes the agreement as amended or restated.”
