Looking for Operating Agreement template for your Minnesota LLC? Well, you’re in luck today. On this page, you can download an expert drafted agreement for your LLC. This is a generic version but covers most of the important points. Make sure you amend it as per your business needs and understanding.
What is an Operating Agreement & What does it Cover?
An Operating Agreement is an internal document that memorializes how the business is governed, such as voting rights, ownership interest, duties, responsibilities and so on. For the agreement to be effective and legally binding, all the member must sign it.
In the state of Minnesota, it’s not mandatory to have a written agreement between the members and as per the statutes, oral or implied agreement will also work fine. The latter may be difficult to prove in court and thus its best to stick to a written agreement.
What should an operating agreement cover?
For starters it should cover the names of each member, responsibilities held, capital contribution, profit/loss distribution. Additionally, the document should address how the disputes between the member(s) will be resolved, or what happens when any of the member decides to leave.
Below we’ve shared sample Minnesota operating agreement. You can use it directly or edit as per your business requirement.
Download Minnesota LLC Operating Agreement (PDF/DOCX)
Based on the type of your LLC, download the relevant document.
Disclaimer: The document is shared for reference purpose only. We disclaim all liability and responsibility arising from any reliance placed on the information shared. We encourage you to consult a professional business attorney to get a professional agreement made.
Last Updated: 02/01/2019