Our experienced Orange County business attorneys can help your firm with most of your business legal needs, including drafting the operating agreement. 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.