Operating Agreement
An internal document outlining how an LLC is owned, managed, and how decisions and profits are handled among its members.
While not always legally required, an operating agreement is the primary document defining ownership percentages, member responsibilities, and decision-making authority within an LLC, and it’s especially important for a multi-member LLC to avoid disputes later.
Lenders reviewing an LLC’s financing application sometimes request the operating agreement to confirm ownership structure and who has authority to sign on the business’s behalf.
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