An Operating Agreement for a limited liability company (LLC) is similar to a corporation’s bylaws.
An LLC operating agreement allows you to set up the LLC’s financial and working relationships with the other LLC members/owners. In the operating agreement, the members/owners establish their respective ownership percentages in the LLC, the manner in which they share profits or losses, their rights and responsibilities, and what will happen in the event one or more of the owners leaves the business.
At Fruchtman, Wilenchik & Larson, PLLC, we can assist you in the preparation of your Operating Agreement, and explain to you the options that are available to you in the manner in which you have chosen to operate the business.
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