Operating Agreement
- A contract signed by owners of a limited liability company outlining their financial obligations and rights, ownership percentages and profit shares, meeting procedures, and process for dealing with departing members
- Though not required by the state, it's advised for any LLC to have an Operating Agreement.
- The Operating Agreement clearly outlined the procedure for determining the share of profits between members.
- The dissolution process of the LLC was guided by the clauses in the Operating Agreement.
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