Updated April 26, 2022
A Nebraska multi-member LLC operating agreement is a legal document utilized by various types of entities that have more than one (1) managing/contributing member. The document assists members in creating an agreement to set forth procedures and company policies.
Nebraska does not require businesses to file an operating agreement. If the members elect not to complete and file the document, however, there will be no protection of the members’ personal and financial assets with respect to the liabilities and debts of the business. By implementing the document, the members are protected in the event of litigation, bankruptcy, or other kinds of business failure.
All members should carefully review the document before completion to be certain that they have a complete understanding of its terms. If one or more members find that they lack clarity with regard to any aspect of the document, they may wish to severally or collectively consult with an attorney to clarify and/or assist with the completion of the document.