Updated April 15, 2022
A Connecticut multi-member LLC operating agreement is a legal document used by a company with multiple members to establish the terms and operations of the company. The document will help the members outline the standard operating procedures that, once completed, all members will follow in a uniform fashion to keep the company healthy.
The State of Connecticut does not require any company to have an operating agreement. However, it is highly recommended that all businesses set up an operating agreement. Without it, the members of the business will have no protection under the law in the event of litigation and/or bankruptcy. Possession of this form provides protections for all members by legally separating the member’s personal assets from those of the business. The document will also provide tax benefits of which the members would otherwise not be eligible to take advantage. All members must be in the presence of a notary public when signatures are applied.