Updated April 26, 2022
A Maine multi-member LLC operating agreement is a legal document used to set forth company policies and procedures. The agreement, once completed and filed, separates the members from the expenses and debts of the company, thereby protecting the members’ personal and financial assets. The implementation of the document also allows tax benefits that would otherwise be denied without.
Members should carefully read through the agreement to be certain that they all are in full understanding of its terms. If further clarification is needed, members should consider contacting an attorney.
Laws (§ 21-1531(B)) – An operating agreement is required for the formation of an LLC in the State of Maine.