Operating Agreement

This is the written contract between all the owners (Members) and generally also those in charge of operating the LLC (Managers). An LLC Operating Agreement is analogous to a corporation’s shareholders agreement and a partnership’s partnership agreement. This agreement should address in detail the rights and obligations of members. It should contain buyout provisions in the event of the death of a member. If the LLC is an active business, the issue of disability should be addressed. These tax issues should be addressed