The set of processes and procedures established to manage the organization in the best interests of its owners is best described as an operating agreement.

Question

Quizplus · Accepted Answer

The set of processes and procedures established to manage the organization in the best interests of its owners is best described as corporate governance, not an operating agreement. An operating agreement is a key document used by LLCs to outline the business' financial and functional decisions.

The Set of Processes and Procedures Established to Manage the Organization