Operating Agreements for LLCs and other Corporations

A Limited Liability Company (LLC) is similar to a Corporation except that it is taxed differently.  An LLC needs an Operating Agreement that sets out the financial and managerial rights of the company’s members.  Such agreement includes, among other things, voting rights, buy-sell agreements for a shareholder leaving the LLC, and termination of the LLC.  The Bylaws of the Corporation are similar to the Operating Agreement of an LLC.