Glossary
Operating agreement, defined
A private contract among members on ownership, votes and profit splits.
Summary
- Also called
- LLC agreement
- Pairs with
- Member side by side with Articles of organization side by side with Organizer
Why it matters
Banks sometimes request it at account opening.
Where it applies
Applies in these answers: LLC formation by state, Registered agent rules by state, What does each state want from a foreign LLC?.