It’s a good idea to include a pro­vi­sion in your oper­at­ing agree­ment requir­ing you to keep the fol­low­ing records related to the orga­ni­za­tion and oper­a­tions of Mr. LLC:

  • Full name and last known mail­ing address of every man­ager and member.
  • Arti­cles of orga­ni­za­tion (amend­ments and restated articles).
  • The LLC’s tax returns and finan­cial state­ments for the last three years. If the LLC didn’t file tax returns, then copies of the infor­ma­tion given to mem­bers to file their tax returns.
  • Oper­at­ing agree­ments and amend­ments, includ­ing for­mer oper­at­ing agreements.
  • Min­utes of meet­ings and evi­dence of voting.

All mem­bers may inspect and copy records and books for any rea­son. They just need to ask the man­ager for a copy of the record. The man­ager needs to promptly pro­vide mem­ber with requested records or give mem­ber access to the record. But each mem­ber is still under a duty of con­fi­den­tial­ity regard­ing the record. The oper­at­ing agree­ment may mod­ify these rights.