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A multiple-member operating agreement is designated for companies (LLCs) that have more than one (1) owner. It is highly recommended, as it is the only written document that designates the owners of a company and what percentage of it they own (LLCs are not owned by shares like corporations and are described as a percentage). The form should be signed in front of a notary public with copies given to all members with at least one (1) original to remain at the company’s principal office address (usually not filed with the Secretary of State or any government agency).
An LLC operating agreement is agreed to by the members of a company and outlines its ownership, management, and each individual’s roles.