The LLC Operating Agreement is a “partnership agreement” signed by the Members of an LLC that establishes the rules and regulations of an LLCs operations. It is similar to the bylaws of a Corporation, but also includes provisions found in Shareholder Agreements of Corporations. The LLC Operating Agreement is required. It is a private document, not on record with the state of formation. The document may be changed from time to time. Most often changes take the form of an “Amended and Restated LLC Operating Agreement”. The LLC Operating Agreement often has provisions which prevent members from assigning their membership units to non-members without the consent of the other members. It also sometimes has provisions that force a member to sell out at book value if he decides not to work for the LLC. In Delaware, the LLC Operating Agreement even supersedes the Delaware LLC Act. We highly recommend you order the LLC Operating Agreement at the time of formation, with our complete service.