This article describes the operating agreement and how you can access it on Savvi.
An operating agreement is an LLC organizational document that outlines the LLCs operating and governing structure and process. It is similar in many ways to the Bylaws of a corporation. In some states, these agreements may be called "LLC Agreements" rather than Operating Agreements. These documents normally address governance structure, voting rights, classes of interests that may be issued, economic rights and distribution waterfalls, management process, fiduciary duties, process for raising capital and admitting members, and the procedure for transfer of or withdrawal from the LLC.
State laws permit LLCs to be extremely flexible in how they are organized and governed, and thus operating agreements are incredibly flexible and customizable.
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Access this template through the following workflow:
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