Updated April 26, 2022
An Oklahoma multi-member LLC operating agreement is a legal document used by companies with more than one (1) contributing/managing member. The document guides members through the process of establishing the various aspects of the business (such as company policies and procedures) to be agreed upon unanimously by all members. This helps to ensure that there will be a clear understanding by all members so that management will be consistent.
This form is not a requirement within the state of Oklahoma. However, it is advised that companies of any size consider the implementation of the document to create a legal separation between the members and the business. The agreement would protect the personal assets of the members from liability should claims be brought against the business. The document would also provide tax benefits.
Members should closely review their operating agreement. If the agreement is not clearly defined for all members, a collective consultation with a knowledgeable business attorney should be considered.