An operations agreement is another name for an operating agreement whereby LLCs or limited liability companies lay down the various terms and conditions which govern their operations and decide the role and responsibilities of the managers in the company. By creating an operations agreement, one structures the company’s financial and functional operations and decisions. Thus the agreement helps one to conduct the internal operations of the LLC so that goals and needs of the company and its members can be met.
An operations agreement is also needed to protect the company’s limited liability position and also members from any liability to the LLC as it is a distinct business entity. It helps avoid misunderstandings and conflicts as the terms are formally laid down here and the agreement comes into effect when all the members agree to those terms, meaning they cannot violate the terms. However, if all the members agree, the conditions in an operations agreement can be amended.
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Sample Operations Agreement
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