You have probably heard of limited liability companies or LLCs as they are often referred to.
You may not have heard about the key constitutional document for an Oklahoma LLC: the Operating Agreement.
An operating agreement is an agreement by the members of the LLC as to how the company will be run. Among other things, the operating agreement controls:
1. Relations among the members as members and between the members and the limited liability company;
2. The rights and duties under the Oklahoma Limited Liability Company Act of a person in the capacity of manager;
3. The activities of the company and the conduct of those activities; and
4. The means and conditions for amending the operating agreement.
You can think of an LLC operating agreement as the manual for operating your Oklahoma limited liability company.
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