An operating agreement is the contract among an LLC's members that sets ownership percentages, management, profit allocations, distributions, and what happens when a member leaves, dies, or is sued.
For tax purposes it determines how partnership income and losses are allocated and whether those allocations will be respected. For asset protection it is the document that separates the company from its owners.
An LLC without one is governed by the state’s default rules, which rarely match what the owners intended. LLC.
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