What is an "operating agreement"?

 

A: The term operating agreement relates to limited liability companies and refers to the written agreement among the members of an LLC respecting the management of the LLC's affairs and the rights of the members respecting one another and as to the LLC.

 An LLC may have only one member. In which case the operating agreement,  essentially will constitute the declaration by the sole LLC member as to the terms of the operating agreement.

IMPORTANT DISCLAIMER: The information contained on this website is provided for general educational purposes only, should not be relied on as legal advice and does not serve to create an attorney client relationship. In utilizing this website you acknowledge that there is no attorney client relationship between you and Charles N. Internicola, Esq. and that the information contained on this site does not and cannot serve as a replacement for the competent legal advice of a licensed attorney in your state. The content of this website is subject to the Copyright of its author, Charles N. Internicola, Esq.

Click here to view our privacy policy