It has been documented on this incorporation blog and in the Knowledge Center at MaxFilings that an operating agreement, while not required in many states, is necessary for even solely owned/operated limited liability companies.
Creating an operating agreement for a LLC can be more time-consuming than for a corporation since state laws governing an LLC are much more flexible. Many of the issues the operating agreement addresses are already detailed in law for corporations.
Therefore, it is important to know what should be included when meeting with your attorney to draft an operating agreement for your LLC. In general, an operating agreement needs to include ownership percentages, management, voting, allocation of profits/losses, distribution, members’ rights/responsibilities, ownership changes, and amendments/dissolution.
Be aware of the elements needed in any operating agreement when forming your LLC with MaxFilings online incorporation center. LLC Operating Agreement – What Should be Included? addresses the general elements needed for an LLC Operating Agreement.