SESK: Stuff Everyone Should Know · sesk.info/biz-operating-agreement
What is an LLC's operating agreement?
The governing contract adopted by the LLC's members.
- The state's certificate of formation
- The IRS letter assigning an EIN
- The governing contract among the LLC's members ✔
Why: An operating agreement is the contract LLC members adopt to run the business. It can cover how it's managed, how assets are used and how revenue is shared.
Huh, didn't know that: Most states do not require an operating agreement, but Cornell describes it as a critical LLC document.
Why did the stamp stay on the envelope? It was stuck on it.
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References
Answer: The governing contract among the LLC's members. An operating agreement is the contract LLC members adopt to run the business. It can cover how it's managed, how assets are used and how revenue is shared.
- Cornell LII Wex: operating agreement www.law.cornell.edu/wex/operating_agreement
An operating agreement is the governing contract adopted by members of a Limited Liability Company (LLC) .
Checked 2026-10-11.
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