Updated April 26, 2022
A Kentucky multi-member LLC operating agreement is a document utilized by entities that have more than one member managing the company’s daily operations. The document will assist in setting forth the standard operating procedures and company policies to be agreed upon by all of the members.
While the state of Kentucky does not require the implementation of this document, it is strongly recommended. In the event of bankruptcy, litigation, or other types of business failure, the members may be personally responsible for liabilities and debts in the absence of an operating agreement, risking the member’s assets and/or financial accounts.
All members must carefully review the entire document. Members may consider a consultation with a knowledgeable attorney to ensure all terms are clear. Once the document is complete, the members must apply signatures as required in the presence of a notary public.