An LLC Operating Agreement is a key legal document of any limited liability company (LLC) that contains its contact details, describes the purpose of the business, outlines the structure of working and financial relationship between the company members, and their rights and duties as business managers.
An Operating Agreement is essential - even if you are an individual entrepreneur, you need to create a Single Member LLC Operating Agreement to confirm your limited liability, handle possible financial and managerial mishaps, and comply with the laws of the state while at the same time choosing your own internal regulations. If you choose not to compose this document, different disputes and disagreements will be decided in accordance with standard laws adopted by the state - you need to determine how to share profits and handle conflicts yourself. You can download an LLC Operating Agreement template below.
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