An operating agreement is a legal document created by an LLC or a limited liability company where the various terms and conditions related to agreement are laid down. The operating agreement mentions the structure of the company and that the LLC entity is separate from the individual owner, in case he needs to prove this in court. The other terms in the agreement refer to the structure of the operations, the role, responsibilities and rights of the employees or manager and what powers they have or what they are entitled to.
The operating agreement has an internal document which is created by the company members that mention the various rules which govern the operations of the company. It also refers to tax responsibility of the members, terms of distribution of profit, membership interest etc. The terms in an operating agreement can be modified by the members of the company and its managers whenever they wish to do so.
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Sample Operating Agreement
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