Updated April 15, 2022
A Kansas multi-member LLC operating agreement is a legal document that provides to the members of a member-managed entity the ability to set forth company standard operating procedures and policies to be agreed upon by all members. Amendments may only be provided by unanimous agreement of all members.
The state of Kansas does not require any business to implement an operating agreement. It should be considered, however, that without the provision of the document, members may be risking their personal financial accounts and other personal assets against the company’s existing and potential debts. The members would also be ineligible for any tax benefits that are directly related to the implementation of the document.
All members should review the document thoroughly and seek legal counsel if clarification is required of any of its terms. Notarized signatures will be required of all members on multiple pages.