Updated April 26, 2022
A Vermont multi-member LLC operating agreement is a legal document used by businesses with more than one (1) member. The document ensures that members agree upon terms such as percentages of ownership, capital contributions, and distributions, among other vital aspects of the business. Implementation of the document also provides tax benefits that would not otherwise be available. Most importantly, the document protects the personal assets and finances of the members in the event of claims against the business.
Members should read the document to ensure they possess a clear understanding of the language therein. If assistance is required, the members may decide to speak with a business law attorney.