Updated April 26, 2022
A Wisconsin multi-member LLC operating agreement is a legal document that allows the managing members of a business to unanimously set forth company policies and procedures. The document also serves to establish the duties and responsibilities of the members.
The state of Wisconsin does not require the filing of an operating agreement. However, the absence of the document could make the members’ private assets vulnerable against the company’s debts. Therefore, it is strongly recommended that all multi-member businesses have such an agreement in place to create a legal separation between their assets and those of the business.
The document should be carefully reviewed by all members in advance of completion and filing. Members may elect to work with an attorney seasoned in business law to further clarify the terms of the agreement. Once the document is completed, it will require the signatures of all members before a notary public.