A limited liability company’s operating agreement or company agreement is similar to a corporation’s shareholder agreement, and provides for the management of the LLC, and the rights and duties of the owners of the LLC (members) and the managers of the LLC, if any.

Specifically, the LLC operating agreement should address the company’s finances, capital contributions, percentages of ownership, voting rights, meetings, notices, buyouts, distribution of profits and losses, officers, and other matters. Limited liability companies generally may be managed by the members or by appointed or elected managers.

In Alaska, a limited liability company (LLC) is governed by the Alaska Statutes, specifically under Title 10, Chapter 50. An LLC's operating agreement is a key document that outlines the internal operations and management of the company. While not required by state law, it is highly recommended as it provides structure and clarity for the LLC's functioning. The operating agreement should detail the financial contributions of the members, their ownership percentages, voting rights, and procedures for meetings and notices. It should also cover how profits and losses will be distributed, the process for member buyouts, and the roles of any officers or managers. In Alaska, LLCs can be member-managed or manager-managed, and the operating agreement should clearly state the management structure chosen. Without an operating agreement, the LLC will be governed by default provisions in state law, which may not align with the members' intentions.