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lets quickly talk about how to create an LC operating agreement so heres the overview I want you to pay attention to lets first talk about the definition here what is an ALC operating agreement so this is essentially a contract between uh all the members of an ALC that actually materializes business operations and relationships between the members and the company so this contract can be uh indepth can be uh broad also and it depends on what the members want okay common elements that LC is include in an operating agreement are member ownership details management structure scope of management duties voting procedures you have profit and loss distribution location and schedule of member meetings transfer of ownership protocol accounting and financial information it really depends on what the members want so here is the approach for you does your member does your ALC need an operating agreement well its not really no because uh it is the best business practice for every LC to have an o
