An Operating Agreement is a document that outlines the ownership and operating procedures of a business, such as a limited liability company (LLC). It is a legally binding agreement between the members of the LLC that outlines the ownership percentages, roles and responsibilities of each member, voting rights, and how profits and losses will be distributed. Operating Agreements are required in some states and highly recommended in all states. The two main types of Operating Agreement are single-member LLC Operating Agreement and multi-member LLC Operating Agreement. A single-member LLC Operating Agreement is used when a business is owned and operated by only one person, and sets out the terms and conditions of the business's ownership and operations. A multi-member LLC Operating Agreement is used when a business is owned and operated by two or more people, and sets out the terms and conditions of the business's ownership and operations. It also outlines the members' roles and responsibilities, how profits and losses will be distributed, and voting rights.
Operating Agreement
Description
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