Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations. An LLC operating agreement is a legal document that details ...

An LLC operating agreement is a legally binding document that outlines the LLC’s preferred operating, management and financial procedures. Its purpose is to guide the business’s internal operations ...

An operating agreement is a foundational legal document used by limited liability companies (LLC) to outline the rules and regulations by which the company and its owner(s) will operate or function.

Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations. In Texas, an operating agreement isn’t required to form a ...