Operating agreements are highly recommended for every established Limited Liability Company (LLC), especially for those comprised of several members; in some states, they are required.
The purpose of an operating agreement is to detail and outline an LLC’s financial as well as functional decisions. Such agreements generally include specific language regarding how profits and losses will be handled and distributed as well as how pivotal business decision will handled.
Other key information included in operating agreements may include the rights and obligations of each member as well as the process should one or more members decide to leave the LLC. Once signed by all parties, an operating agreement is a legal binding document.
Here are two operating agreement currently available on RealDealDocs.com:
1) NRP (Operating) LLC and First Supplement to Note Purchase Agreements Dated as of July 19, 2005
NATURAL RESOURCE PARTNERS
New York Life Insurance and Annuity Corporation
Pioneer Mutual Life Insurance Company
The State Life Insurance Company
American United Life Insurance Company
New York Life Insurance Company
LAKES ENTERTAINMENT INC