Updated April 26, 2022
A West Virginia multi-member LLC operating agreement is a legal document that enables the members of an entity to collectively claim ownership and management of their company. Although filing this document with the state is not a prerequisite to conducting business, members should seriously consider the consequences of leaving this step unattended. The document protects all contributing members in the event that any legal or creditor issues should arise by keeping all members’ private financials separate from those of the business. The document also records member contributions, valuations of interest, percentage of ownership, and more. There are some tax advantages to implementing this document as well. This document will create a shared government between the members in which all members will agree to the stated policies and procedures.
The members should review the document closely. If any member is uncertain about the terms of the agreement, they may consider working with an attorney. Once completed, the document will require the witness of a notary public to become effective.