Updated April 26, 2022
A Louisiana multi-member LLC operating agreement is a legal document that establishes the policies, regulations, and procedures of a company with more than one managing member. The state of Louisiana does not require that any business establish an operating agreement; however, it is recommended that all companies, regardless of size, complete and file the form. The completion and filing of the form will provide protections to the members’ financial assets and personal property that would not otherwise be available. Should the entity ever face any type of litigation or business failure, without the document in place, members would become personally liable for the debts of the company. The document will also provide tax benefits for the company and its members.