Through an operating agreement, the investors—or members—set the bylaws for a LLC (Limited Liability Corporation) or SPV (Specialty Purpose Vehicle). This lays out how the members will operate their LLC and lay out how the LLC will be managed.
According to the United States Small Business Administration, an operating agreement is considered the primary document that is used by a Limited Liability Company (LLC). This agreement is a clear outline of the business’s financial and operating rules for those involved.
An operating agreement will house the internal layout of operations for the business owners, ensuring specific regulations and provisions are covered. The operating agreement will act as the official and binding contract to the members of the LLC.
When starting a business with multiple owners, or investors, an operating agreement gives a clear and concise layout of the duties, responsibilities, and regulations of the involved parties.
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