An operating agreement is a key document used by limited liability companies (LLCs) to outline the business' financial and functional decisions including rules, regulations and provisions. The purpose of the document is to govern the internal operations of the business in a way that suits the specific needs of the business owners, called "members".
An operating agreement is a crucial document used by Limited Liability Companies (LLCs) to define how the company will operate, including financial matters and operational procedures. It outlines rules, regulations, and provisions tailored to the specific requirements of the LLC's members.