An Indiana LLC Operating Agreement An LLC Operating Agreement is a contract that outlines the internal structure and rules of a limited liability company. It covers several aspects of an LLC, including but not limited to ownership, decision-making, profit distribution, member/manager roles, capital contributions, and dispute resolutions. Although the operating agreement is not necessary to form an LLC in Indiana, the document’s creation ensures thorough legal measures to understand business operations.
Operating Agreements – § IC 23-18-4-4 – 23-18-4-7
Definitions – “Operating Agreement” means any written or oral agreement of the members as to the affairs of a limited liability company and the conduct of its business that is binding upon all the members (§ IC 23-18-1-16).
Multi-Member LLC Operating Agreement – Delineates the responsibilities, roles, and regulatory factors guiding an LLC with multiple owners in an effort to promote clarity.
Single-Member LLC Operating Agreement – Describes and rules for a limited liability company owned by a single party, constructing a written framework for legal governance for activity associated with the business.
