A New York limited liability company operating agreement is a legally binding document that the entity’s member must sign under Section 417 of the New York Limited Liability Company laws. Thus, in order to organize a NY LLC, organizers must develop and issue an operating agreement for each member to sign. The operating agreement may be made before the LLC is organized, at the time of its formation, or no more than ninety (90) days after the LLC’s formation.
This is considered internal documentation of New York LLC’s members, structure, and business conduct and must be kept readily accessible in the company’s files.
Yes, a New York limited liability company must put an operating agreement in place within ninety (90) days of its formation. Its formation is when the filing process of the New York Articles of Organization is complete.
Single-Member LLC operating agreement – The contract between no more than one (1) member and a New York limited liability company that defines the company’s attributes.
Multi-Member LLC operating agreement – The contract implemented between at least two (2) members define their New York LLC’s function, structure, and manner of doing business.
“(u) ‘Operating agreement’ means any written agreement of the members
concerning the business of a limited liability company and the conduct of its affairs and complying with section four hundred seventeen of this chapter.”
