What Is The Operating Agreement For A Llc

Every business needs a „what if?“ document that serves as a guide throughout the process of dealing with ownership and management issues. For limited liability companies (SARC), this „What if?“ document is called a business contract. As always, contact a lawyer and accountant for assistance with the financial and legal aspects of your LLC operating contract. The New York Corporations Division states that an operating agreement is a document that sets out the rights, powers, duties, responsibilities, and obligations of all members of an LLC. The agreement can protect your company`s status, ensure that each member plays by the rules, and help mitigate any problems or misunderstandings that may arise, even for single-member SAOBs. .