Operating Agreement
By: Martin M. Shenkman, CPA, MBA, JD
This is the written contract between all the owners (Members) and generally also those in charge of operating the LLC (Managers). An LLC Operating Agreement is analogous to a corporation's shareholders agreement and a partnership's partnership agreement. This agreement should address in detail the rights and obligations of members. It should contain buyout provisions in the event of the death of a member. If the LLC is an active business, the issue of disability should be addressed. These tax issues should be addressed
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