An Ohio limited liability company operating agreement gives business owners the opportunity to establish their membership powers in writing. Ohio will treat this as a formal contract and, if appropriate, defer to the property definitions within it. For example, the protection this entity provides to its members by separating the company’s assets and debts from the members’ obligations would be defined more specifically in this contract than in the state’s default laws. This agreement will also act as a guide that members must follow when interacting with each other, the company, and exerting power.
Ohio LLC members will often opt for a written agreement that has been verified by a professional as being legal and complete since this provides a certain amount of security for each signature member.
Is it Required in Ohio?
No. Ohio does not obligate its limited liability companies and members to formally issue an operating agreement; however, this agreement would aid the state in defining how the company works in a manner more specific than the defaults set by the state.
Templates (2)
Single-Member LLC operating agreement – The operating agreement to be used when a limited liability company has only one (1) member and no more.
Multi-Member LLC operating agreement – The operating agreement used when the limited liability company has at least two (2) members and no less.
State Definition
“(R) ‘Operating agreement’ means any valid agreement, written or oral, of the members, or any written declaration of the sole member, as to the affairs and activities of a limited liability company and any series thereof. “Operating agreement” includes any amendments to the operating agreement.”
