An “operating agreement” is an agreement among the members of a Limited Liability Corporation. An operating agreement contains various terms for the control and management of the LLC and the rights and obligations of the members. An operating agreement, just like a shareholder agreement, contains various conditions governing the operation of an LLC. It typically contains terms under which a member/owner sell their interest in the business. An operating agreement is specially important for LLCs with multiple members. An operating agreement can provide contingencies in the event a member wants to sell its interests or in the event of a dispute.