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Operating Agreement

The private contract among an LLC's members that sets ownership, management and what happens when someone leaves; it isn't filed with the state.

The short answer, then the detailChecked September 2026

The detail

What it means in practice.

The operating agreement is the LLC's rulebook: who owns what share, who manages, how profit is split, what happens if a member leaves or dies, and how the company is closed. It isn't filed anywhere, but banks ask to see it and courts rely on it. A company with one owner still needs one, because it's the document that shows the company is separate from you.

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LLC · WY

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