Updated April 26, 2022
A Montana multi-member LLC operating agreement is a legal document used by entities with more than one managing member to set forth company policies and procedures. Montana does not require that companies file an operating agreement in order to do business in the state. However, in the absence of an agreement, the personal assets of the members may be collectible against the liabilities and debts of the business. By implementation of the document, members are protected in the event of litigation, bankruptcy, or business failure.
All members should carefully review the document before implementation. If further clarification is needed as to any of its terms, members may wish to consult an attorney.