Is an Operating Agreement Required?
No – The contract is not required by law. However, if an agreement isn’t executed, the company will be governed solely by state law, which may expose the owners to personal liability.
Types (2)
Single-Member LLC Operating Agreement – Outlines the ownership and operations of a company with one sole owner.
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Multi-Member LLC Operating Agreement – Relays the structure and operations of an LLC that has two or more members.
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