The simple answer: No, it's not required, but it is very much recommended to have one, especially for those multimember LLCs. A North Carolina Operating Agreement creates the policies and procedures for your LLC.Our free, attorney-drafted templates can get you started. An operating agreement generally includes ownership, operations, management and financing details. Discover the differences between articles of organization and an operating agreement so you can better understand these LLC documents. A property management agreement is an essential contract that defines the relationship between property owners and property managers. Generally, an operating agreement replaces most of the rights and responsibilities outlined in the Act, with a few exceptions.