An agreement that determines how a limited liability company will be managed and identifies the rights and responsibilities of the members, including any limitations on the transfer of ownership interests.
Agreement, usually a written document, that sets out the rules by which a Limited Liability Company (LLC) is to be operated. It is the LLC equivalent of corporate bylaws or a partnership agreement.
An agreement between the members of the LLC as to the affairs, conduct, management and operating procedure of the LLC. The operating agreement is similar to bylaws of a corporation.
An internal agreement among an LLC's members governing the LLC's structure and operations. This agreement is essentially equivalent to a partnership agreement in a general or limited partnership. To learn more about operating agreements, click here.
a document containing the internal business operating rules for the LLC
an agreement made between the members of the LLC as to how the business will be conducted
an attempt to resolve the many areas of potential conflict within an LLC and to delegate duties and assign responsibilities
an important document for your LLC to have because it is where you will list all of the essential rules and guidelines for your company
An agreement, similar to a corporation's bylaws, among the LLC's members which govern the LLC's operations and the rights of its members.
The private, flexible contract between Members of an LLC that governs the creation, management, and daily affairs of the LLC.
The Operating Agreement of an LLC is a document specifying the basic rules of conduct of the LLC as well as the rights of its members. This internal legal document is adopted when forming your LLC and is not filed to any State authority.
a contract of the members of a LLC governing the membership, management, operation and distribution of income of the company.
The contract made by members of an LLC that governs the relationship between the members and the LLC, and the relationship by and among the members. This is the central governing document for an LLC and establishes how the company will be organized and the business conducted. It serves the same general purpose as a partnership agreement or, for corporations, combines elements of the articles and a shareholders' agreement.
A contract signed between a government agency and a social housing provider that sets out funding, operating, and other responsibilities of the parties. Providers with federal unilateral funding and providers administered by the Ministry of Health/Long-Term Care or the Ministry of Community and Social Services retained their operating agreements; the operating agreements for all other providers (unless they were specifically excluded from the legislation) have been replaced by the SHRA and regulations.
An agreement among the LLC members which govern the LLC operations and the rights of its members. It is analogous to corporate bylaws.
A contract among the members of a LLC that governs the membership, management, operation and distribution of any income of the company. The operating agreement should be drafted directly after the LLC becomes active.
An agreement among the members of a Limited Liability Company which governs the LLC’s operations and the rights of its members (analogous to a corporation’s bylaws).
A contract among the members of a limited liability company governing the membership, management, operation and distribution of income of the company.
The agreement of the members as to the affairs of a limited liability company and the conduct of its business, such as how voting will occur and who may sign documents on behalf of the corporation. May contain "buy-sell" provisions, which govern the sale of a member's ownership interest in the company.
A contract among members of a limited liability company spelling out how the company is to be run.
The official document that specifies the way the LLC will be operated and the duties of the owners.
The primary governance document of a limited liability company (LLC). The operating agreement defines the authority of members and managers and explains how the members share equity and split profits.
Equivalent to bylaws in a corporation, this is an agreement among the members of an LLC setting forth the terms and conditions of governance. Since LLC's are flexible entities, the Operating Agreement can be crafted to carry out specific purposes of the company, such as methods of management, tax treatment, and differing treatment of owners.
An operating agreement is an agreement among limited liability company ("LLC") members about the business of the LLC and the rights and duties of the members. Operating agreements are not required by any state's LLC Act, but they are strongly encouraged. Operating agreements are analogous to a partnership agreement in multi member LLC's.