The LLC Operating Agreement definition
An operating agreement is a main document used by Limited liability company because it depicts the business' financial and functional decisions including rules, regulations and provisions. When the document is signed by the member of the LLC it acts as an official contract binding them to its terms.The LLC operating agreement provides the procedures for admitting new members, describes the status of the limited liability company upon a member's withdrawal, and outlines the procedures for dissolution of the Limited liability company
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