Updated April 26, 2022
A Wyoming multi-member LLC operating agreement is a legal form that documents in writing the proper formation of a multiple-member entity. The agreement also provides a proper listing of the members and records their financial contribution and percentage of interests (ownership).
The state of Wyoming does not require any business to file this form. Without the possession of the document, however, should the company be placed in the position of answering to the courts regarding any litigation, the laws could default to the state, leaving the members personally liable for any possible restitution to creditors or claimants. In other words, the completion and filing of this document will separate the members from the business and will, therefore, protect the private assets and financial accounts of the members.
In doing their due diligence, the members may wish to take it upon themselves to carefully review the agreement. If any of the members find that they are uncertain with regard to any of its terms, they should consider working with an attorney for proper assistance and clarification. Once the document is complete, all signatures must be applied in the presence of a notary public.