A Michigan LLC operating agreement authorizes a limited liability company’s financial and operational policies in Michigan. The document sets forth rules in an official capacity for distributing profits, making decisions, and what to do when a member exits or the LLC dissolves.
No, but this agreement is highly recommended. It establishes transparent business practices and prevents disputes by defining LLC members’ rights and responsibilities.
Multi-Member LLC Operating Agreement – Lays out the financial and operational rules for an LLC owned by a single person.
Single-Member LLC Operating Agreement – Substantiates approved ownership structures, operational procedures, rights, and duties for multiple members of an LLC.
