Limited Liability Operating Agreements

All members of a limited liability company (“LLC”) may enter into an operating agreement, which need not be in writing. The operating agreement may serve to regulate the affairs of the LLC, establish duties in addition to statutory ones, and govern relations between the parties. This operating agreement may be entered into before, after, or at the time the articles of organization are filed.

However, an operating agreement may not unreasonably restrict a right to information or access to records under Florida statute; nor may it eliminate the duty of loyalty under Florida statute. Though, an operating agreement may serve to help better define the duty of loyalty as understood by the parties. If you need help drafting an operating agreement, or any other business formation issues, please contact us.