An operating agreement is an agreement among limited liability company ("LLC") Members governing the LLC's business, and Member's financial and managerial rights and duties.
An Operating Agreement overrides default rules imposed by a state's LLC Act. An Operating Agreement is similar in function to corporate by-laws, or analogous to a partnership agreement in multi-member LLC's.
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This Member Managed LLC Operating Agreement also includes:
1. Instructions & Checklist;
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3. Member Managed LLC Operating Agreement fill-in-the-blank form.
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