Importance of Operating, Shareholders' or Partnership Agreement

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An Operating Agreement is an agreement among limited liability company (“LLC”) members that governs the LLC’s business, the members’ financial and managerial rights, as well as their duties. An Operating Agreement is similar in function to corporate Bylaws and Shareholders’ Agreements or Partnership Agreements in that it operates to set down the rules of a business entity, such as how to allocate profits and losses, establish voting systems, explain how assets will be divided if the entity dissolves, as well as what happens when a member withdraws or passes away.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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