Updated April 26, 2022
A Utah multi-member LLC operating agreement is a legal document used by companies with more than one (1) contributing/managing member. The members would use the document to agree upon various aspects of the company’s policies and procedures, among other important terms.
It is not a requirement in the state of Utah that any company implement this document prior to doing business. However, without an operating agreement, the members could place their private assets in a vulnerable position if the company should be faced with litigious claims. Once the document is completed and filed with the state, the members’ assets are immediately protected. The completed form also allows beneficial tax options once the document is filed.
Members may wish to preview the document prior to completion and filing. If the members aren’t confident in their understanding, they may choose to consult with an attorney for assistance.