Glossary • Updated 2026
Operating Agreement
The LLC’s internal contract: ownership, voting, distributions, dissolution.
In detail
Not filed with any state, but banks and partners ask for it.
Single-member LLCs still need one to preserve liability separation.
Amend before adding members, vesting, or converting.
Where it matters
More definitions
Sources
- Cal. Rev. & Tax Code; 8 Del. C.; Wyo. Stat. Title 17; FTB/SOS glossaries