QUESTION: What is an LLC operating agreement, and what provisions does it typically include? Know the Law is a biweekly column sponsored by McLane Middleton. Questions and ideas for future columns ...

In In re 301 W North Avenue, LLC, 2025 WL 37897 (Bankr. N.D. Ill. 2025), a bankruptcy court recently addressed provisions in a loan agreement ...

The family LLC's operating agreement defines and restricts rights related to ownership, functional decision making, and transfer of assets. A family LLC can be formed for legal business purposes ...

To buy stocks, an LLC must open and fund a brokerage account under its name. An LLC’s operating agreement should specify who can buy stocks on its behalf. Key findings are powered by ChatGPT and ...

An LLC operating agreement puts in place the person or persons who are responsible for the daily operation of the business or collection of rents, payment of expenses and division of revenue.