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What you need to know about
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An LLC operating agreement provides a framework for the organization, operation, and structure of a limited liability company.

Uses

  • Starting a new limited liability company.
  • Creating a structured organizational framework for an existing limited liability company.

Overview

Companies are controlled by a system of rules, practices, and processes that are either legally mandated or described in their formative documents. In order to ensure that the needs of all these the various parties involved in the operation of a limited liability company are met, business owners may want to consider using an LLC operating agreement.

An LLC operating agreement sets out the structure, manner, and procedure by which a limited liability company should run. An LLC operating agreement is typically drafted at the time a new LLC is formed, but limited liability companies can create operating agreements subject to the review and approval of their members.

Because they are specific to the business operations of a particular company, LLC operating agreements can vary greatly. However, they typically cover topics related to the purpose of the company, its initial members, how management decisions are made, and what resources will be necessary to carry out day-to-day business operations. An LLC operating agreement can be amended, but only according to the terms set forth in the original agreement.

Creating an LLC operating agreement can be an important part of early business development. These types of formative documents pave the way for certainty and stability in future operations, which is important for attracting clients and investors. As a result, all limited liability companies should consider developing LLC operating agreements regardless of whether they are required to do so by the laws of their jurisdiction.

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