operating agreement
An agreement signed by the members (owners) of a limited liability company that structures the members' financial rights and responsibilities, each member's percentage of ownership in the LLC and share of profits (or losses), the LLC's procedures for holding meetings, and what will happen to the business when a member leaves.
Category: Business, LLCs & Corporations → LLCs, Corporations, Partnerships, etc.

Nolo’s Plain-English Law Dictionary. . 2009.

operating agreement
USA
limited liability company operating agreement. Also known as an LLC agreement, limited liability company agreement and an operating agreement. An agreement governing an LLC's workings. It is commonly viewed as a cross between corporate by-laws and stockholder agreements.

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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