Jennifer Simonson is a business journalist with a decade of experience covering entrepreneurship and small business. Drawing on her background as a founder of multiple startups, she writes for Forbes ...

Shelby Fishman is an assistant editor for MarketWatch Picks. Previously, she served as an assistant editor for custom content at Barron’s Group. Shelby studied broadcast journalism at Southern ...

Opinions expressed by Entrepreneur contributors are their own. Every limited liability company (LLC) needs an operating agreement to serve as its backbone and ensure that partners are treated fairly.

If an operating agreement is in place and not drafted correctly, the parties could inadvertently broaden this narrow exception under Florida law and create avenues for direct claims by and between one ...

LLCs are celebrated for allowing business partners to freely define their relationship by contract — i.e., the LLC operating agreement. The operating agreement generally covers all of the important ...

LLC operating agreements frequently provide for indemnity to the LLC’s manager. This is consistent with the statutory default rule embodied by California Corporations Code section 17704.08(a), which ...

In Texas, an operating agreement isn’t required to form a limited liability company (LLC). However, business attorneys, accountants and advisors agree that no LLC should form without one. An LLC ...

An LLC operating agreement is a legally binding document that outlines the LLC’s preferred operating, management and financial procedures. Its purpose is to guide the business’s internal operations ...

Once you have registered your restaurant as a limited liability company, you will need to draft an LLC operating agreement to dictate the terms of how your business will be run and the process for ...