The ownership portion of an operating agreement outlines how the LLC’s profits, losses, and assets are divided among its members. More often than not, this is contingent on the LLC structure.

It too explicitly addresses the enforceability of the operating agreement by and against the entity. Per the Uniform Act, “[a] limited liability company is bound by and may enforce the operating ...

A business organization that allows limited ... and liability and acts as a conduit to pass current operating profits or losses on to them. Most jurisdictions require limited partnership ...