Legal Question in Business Law in Minnesota

I presume you're talking about the operating agreement for a Limited Liability Company, or LLC, or Limited Liability Partnership, or LLP.

Operating agreements are binding. They trump the default law of the state in which the LLC/LLP was formed. They can be changed by agreement of a majority or supermajority (depending on what state governs the formation of the entity) of the membership of the LLC/LLP.

THIS POST CONTAINS GENERAL INFORMATION AND IS INTENDED FOR ENTERTAINMENT PURPOSES ONLY. IT DOES NOT CONSTITUTE LEGAL ADVICE, NOR DOES IT CREATE ANY ATTORNEY-CLIENT RELATIONSHIP. FOR LEGAL ADVICE ON YOUR PARTICULAR MATTER, CONSULT YOUR ATTORNEY.

As a Franchise Attorney I must ask what you mean by operating agreement. Do you mean an informal agreement that the parties have been operating under? If so, it is probably a valid contract, but an attorney would need to review everything to give you a definitive answwer. Consult with a good business or franchise attorney in your area for specific advice.

Mr. Franchise - Kevin B. Murphy, B.S., M.B.A., J.D.

Franchise Foundations, a Professional Corporation