A(n) ________ refers to an agreement entered into among members that governs the affairs and business of the LLC and the relations among members, managers, and the LLC.

Question

Quizplus · Accepted Answer

An operating agreement is a legal document that outlines the ownership and operating procedures of an LLC. It is a contract between the members or owners of the LLC that establishes the management structure and rules for the LLC's operation. The certificate of interest serves as proof of ownership in the LLC, while the articles of organization are the legal documents filed with the state to establish the LLC. The agreement of conversion is a document filed when an LLC is converting from one type of business entity to another.

A(n) ________ Refers to an Agreement Entered into Among Members