operating agreement

English - Turkish

Definition of operating agreement in English Turkish dictionary

Related Terms

memorandum of agreement; military operating area

(Askeri) anlaşma muhtırası; askeri harekat sahası

English - English

Definition of operating agreement in English English dictionary

An operating agreement is an agreement among limited liability company ("LLC") members governing the LLC's business, and Member's financial and management rights and duties. No state requires an LLC to have an Operating agreement. LLCs operating without an operating agreement are governed by the State's default rules contained in the relevant statute and developed through state court decisions. An operating agreement is similar in function to corporate by-laws. In single member LLCs, an operating agreement is a declaration of the structure that the member has chosen for the company and sometimes used to prove in court that the LLC structure is separate from that of the individual owner and thus necessary so that the owner has documentation to prove that he or she is indeed separate from the entity itself

Hyphenation

operating A·gree·ment

Turkish pronunciation

ôpıreytîng ıgrimınt

Pronunciation

/ˈôpərˌātəɴɢ əˈgrēmənt/ /ˈɔːpɜrˌeɪtɪŋ əˈɡriːmənt/