A limited liability company operating agreement is an important document that formalizes the relationships between the co-owners of the LLC. The operating agreement, which is a requirement in some states and optional in others, may include details on percent of ownership, mechanisms for sharing profits, how debt will be handled, manager responsibilities, and procedures for leaving the LLC or bringing new owners on board. All co-owners of an LLC should have a copy of the operating agreement in their possession. If yours is missing, there are steps you can take to obtain a copy.
At the risk of stating the obvious, you should make a thorough search of your own records for the operating agreement, which you should have received during the formative stages of the LLC (or later, if your participation began after the LLC was formed). The document may have been distributed electronically, so make a search of your computer files and emails from the time when your LLC participation first began.
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