What is the LLC Operating Agreement?

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What is the Limited Liability Company (LLC) Operating Agreement?

The LLC Operating Agreement is the document which controls how decisions are made, and how ownership in the LLC is acquired or sold, and how profits are distributed. The Operating Agreement is the equivalent of Bylaws (for a Corporation) or the Partnership Agreement (for a Partnership).

Is the LLC Operating Agreement public or private?

The document is private and does not need to be filed with the State of Oregon.

What provisions should the LLC Operating Agreement contain?

The LLC Operating Agreement should designate the process for holding meetings and voting.

What happens if an LLC does not have an Operating Agreement?

It is possible that an LLC may not have an Operating Agreement, in which case the LLC will be operating under the default provisions of ORS 65.

What are the legal documents of a Limited Liability Company (LLC)?

The Limited Liability Company (LLC) legal documents include the following list of documents and agreements:

• Articles of Organization
• Operating Agreement
• Membership Certificates
• Membership Register
• Membership Transfer Ledger
• Meeting Minutes
• Written Consent Forms

Contact our law firm by CFLink or call Andrew Svitek Portland, Oregon Business Lawyer at (503) 274-9001, or Kelly O’Brien, Bend, Oregon Business Lawyer at (541) 330-9850.