Letter O
business
Operating Agreement
The internal governing document of an LLC that sets forth the members' rights, duties, capital contributions, profit and loss allocations, management structure, and dissolution procedures. It is typically not filed publicly and can override most default state LLC statutes.
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This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.