Legal Topics >

Nolo's Plain-English Law Dictionary

Legal Dictionary Home

Need Professional Help? Talk to a Lawyer
Enter Your Zip Code to Connect with a Lawyer Serving Your Area
searchbox small
Operating Agreement
An agreement signed by the members (owners) of a limited liability company that structures the members' financial rights and responsibilities, each member's percentage of ownership in the LLC and share of profits (or losses), the LLC's procedures for holding meetings, and what will happen to the business when a member leaves.


Need Legal Help?
Get Informed Check out our thousands of free articles on everyday legal topics--they're accurate, up to date, and written in plain English.
Do It Yourself With Nolo's easy-to-use books, legal forms, online services, and software, you can handle many routine legal tasks yourself.
Talk to a Lawyer Just enter your zip code to connect with a lawyer serving your area.
LA-WS5:0.9.22.120522.13848+