Are you looking to form a limited liability company (LLC) in Minnesota? One of the first steps you`ll need to take is creating an operating agreement. This document outlines the ownership and management structure of your LLC, as well as the rights and responsibilities of its members.

To make things easier for you, we`ve provided a sample operating agreement for an LLC based in Minnesota. Keep in mind that this is just a template and should be customized to fit the specific needs of your business.

Section 1: Formation

This section outlines the basic details of your LLC`s formation, including the name, purpose, and duration of the business.

Section 2: Members

Here, you`ll name the members of your LLC and their percentage of ownership. You may also include information on how new members can be added or removed.

Section 3: Management

This section discusses how your LLC will be managed and who will be responsible for making decisions. You can choose to have a member-managed LLC, where all members have equal say, or a manager-managed LLC, where one or more members are designated as managers.

Section 4: Meetings

In this section, you`ll outline how and when meetings will be held, as well as how decisions will be made. You may also include rules around voting and quorum.

Section 5: Capital Contributions

This section discusses how much capital each member is expected to contribute, as well as how it will be used. You may also include provisions around loans and distributions.

Section 6: Taxes

Here, you`ll outline how taxes will be handled for your LLC. You may choose to be taxed as a partnership, S corporation, or C corporation.

Section 7: Dissolution

This section discusses what will happen in the event that your LLC needs to be dissolved. You may choose to include provisions around how assets will be distributed and how debts will be paid.

Overall, your operating agreement should be a comprehensive document that outlines the key details of your LLC and how it will be managed. With this sample operating agreement as a starting point, you can customize it to fit the specific needs of your business and ensure that your LLC is structured for success.