Whats an operating agreement and do I need one?
An operating agreement establishes the workings of an LLC. If you have established an LLC, you need one. An operating agreement helps the LLC by guarding its limited liability status, avoiding financial and management misunderstandings and ensuring the business is governed by the rules set up by the owner(s). Even a one-person LLC needs an agreement. The operating agreement is not submitted to the state but is maintained at the business location. It is always advisable to have an attorney prepare/review an operating agreement.
