Updated April 14, 2022
An Arizona multi-member LLC operating agreement is a legal document that is implemented by a business/company with more than one contributing member. The document will outline all terms and conditions, as well as any covenants between the company and its members. It will also outline basic and in-depth company policies that must be agreed upon by the members and managing member(s). Implementation of this agreement and compliance with the policies stated will offer the business and all members legal protections needed by any business in the event of litigation.
The State of Arizona does not require an operating agreement; however, for the protection of the member’s personal assets, it is strongly recommended that all businesses provide this agreement. Once completed, all signatures to this document must be witnessed and acknowledged by a notary public.