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What it means

What does Operating agreement mean?

A private agreement among the owners covering how the LLC runs and who owns what. It stays with company records and usually is not filed.

Answered by the Ask About LLC editorial team ·

The short version

You may also hear
LLC agreement
Related words
Member as well as Articles of organization as well as Organizer

Why should I care?

Write one even if you are the only owner. It shows the company is separate from you.

Where does this come up?

It shows up here: How do I form an LLC where I live?, Do I need a registered agent where I live?, Taking an LLC to another state: your state's answers.