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What is an Operating Agreement?

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. The operating agreement will also designate the LLC managers who will be authorized to manage and operate the day-to-day business of 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.

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