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.