Updated April 15, 2022
A Georgia multi-member LLC operating agreement is a legal document that will allow members the ability to outline and agree upon their selected policies and procedures.
The state of Georgia does not require that any business implement this document. However, to bypass this step in creating a business, the members would be placing their personal assets at risk, as this is the document that will legally separate members’ private assets from those of the business. Without this document in place, the members become personally responsible should they be presented with any type of litigation against the company of which the member possesses a portion of the ownership. Additionally, without the document, the member would be excluded from receiving the tax benefits that they would otherwise be entitled to.
Members are advised to carefully read and review the agreement. Members may choose to consult with an attorney if certain aspects of the agreement require further clarification. Required signatures must be applied by all members in the presence of a notary public in order for the agreement to take effect.