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 Arizona, a limited liability company (LLC) is governed by an operating agreement, which is a key document that outlines the management structure and the rights and responsibilities of its members and managers. The operating agreement is akin to a corporation's shareholder agreement. It is not mandatory to have an operating agreement in Arizona, but it is highly recommended as it provides clarity on the operations of the LLC and can help prevent disputes among members. The operating agreement should detail the financial dealings of the company, including capital contributions, ownership percentages, and the distribution of profits and losses. It should also cover voting rights, the process for holding meetings and issuing notices, procedures for buyouts, and the appointment of officers. Arizona law allows LLCs to be member-managed or manager-managed, and the operating agreement should clearly state the management structure chosen. Without an operating agreement, the default provisions of the Arizona Revised Statutes will apply, which may not be suitable for all LLCs.