James Patterson
Former Operations Manager at DoorDash
Operating Agreement
In This Article
Definition
Internal document outlining LLC ownership, member duties, profit distribution, and operational procedures. Not filed with state but essential for protection.
Related Terms
Ad Space Available
Ad Space Available
FAQs
Do single-member LLCs need operating agreements?
Yes, it strengthens liability protection and clarifies business operations.
Similar Terms
NDA (Non-Disclosure Agreement)
Legal agreement preventing sharing of confidential information about a client's business.
Contract
Legal agreement outlining project terms, payment, deliverables, and responsibilities.
LLC (Limited Liability Company)
Business structure providing personal liability protection while maintaining tax flexibility.
Sole Proprietor
Simplest business structure where individual and business are legally the same entity.
How We Research & Review
Our team includes CPAs, former gig workers, and financial experts who personally test platforms and verify earnings claims. We follow strict editorial guidelines to ensure accuracy and objectivity.
Important Disclaimer: This content is for informational purposes only and should not be considered tax, legal, or financial advice. Consult a qualified professional (CPA, tax attorney, or financial advisor) for advice specific to your situation.