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An Operating Agreement, or LLC Agreement, is the basic governing document for the formation and management of a limited liability company. The agreement governs the operation of the company, including the members’ contractual rights, obligations, and restrictions relating to their membership interests in the company.
Get a better starting point by leveraging Practical Law Operating Agreements. In addition to providing a form template, Practical Law standard documents like this Operating Agreement include integrated notes with important explanations and drafting and negotiating tips.
Practical Law includes multiple variations of Operating Agreements including agreements for single-member, joint venture, and multi-member LLCs, in both short-form and long-form versions, and with Delaware and other state-specific governing law, making it easy to find the right version for your client.