Log in or register
Share on LinkedInShare on LinkedIn

ARTICLE · 24 OCTOBER 2023

Key Considerations In Creating An LLC Operating Agreement

Outside GC
Explore more from Outside GC

You've decided to form a limited liability company (LLC) for your new business venture – congratulations. Now you must make a few key decisions about the LLC, such as choosing...

United StatesCorporate/Commercial Law
Kristin Kreuder
Kristin Kreuder
Author LinkedIn connections

You've decided to form a limited liability company (LLC) for your new business venture – congratulations. Now you must make a few key decisions about the LLC, such as choosing the state of formation and filing to register your entity. As we discussed in an earlier post, another basic step in the formation process is drafting an operating agreement (also known as an LLC agreement) which will include important provisions relating to the management and ownership of the business.

Adopting an operating agreement is not a legal requirement in every state. However, if an LLC will have more than one member, this agreement is highly recommended in order to establish clear expectations around the rights and obligations of each member as they relate to the LLC and its operation. If your LLC will have more than one member, the following key issues should be considered when drafting the operating agreement:

We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.

Register for freeORLog in

View source

Related Articles

Legal Intelligence Newsletters: sign up for the latest legal and regulatory news on your chosen topics

Read more about

Related Comparative Guides

See more popular content from

Article

Healthcare Trends & Transactions Q2 2026

Healthcare M&A activity maintained steady momentum through Q2 2026, driven by physician practice consolidation, AI-enabled technology acquisitions, and strategic outpatient expansion. Private equity investment persisted despite intensifying regulatory scrutiny of MSO arrangements, while digital health buyers paid significant premiums for platforms demonstrating production-grade AI capabilities and proprietary data assets.
United StatesCorporate/Commercial Law
Bass, Berry & Sims PLC
Bass, Berry & Sims PLC
Article

CLIENT ALERT: 2026 Mid-Year Update On SEC And CFTC Enforcement

The SEC and CFTC have fundamentally shifted their enforcement approach in 2026, moving away from high-volume technical violations toward targeted actions addressing serious fraud and market manipulation. This mid-year update examines new leadership priorities, enhanced inter-agency coordination, revised cooperation policies, the elimination of "no-deny" settlement provisions, and a landmark Supreme Court ruling on disgorgement that collectively reshape the regulatory landscape for market participants.
United StatesCorporate/Commercial Law
Sher Tremonte
Sher Tremonte
Article

Sanofi And Regeneron Expand Immunology Collaboration In Deal Worth Up To $8 Billion

Sanofi and Regeneron Pharmaceuticals announce a major expansion of their immunology partnership, committing up to $8 billion to develop and commercialize four long-acting antibodies targeting key inflammatory pathways. The collaboration includes a $1 billion upfront payment and milestone-based payments, with both companies sharing development costs and future profits equally.
United StatesCorporate/Commercial Law
Goodwin Procter LLP
Goodwin Procter LLP