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 Georgia, a limited liability company (LLC) is governed by an operating agreement, which is a key document outlining the management structure and operational guidelines of the company. While Georgia law does not require an LLC to have an operating agreement, it is highly advisable to have one to ensure clear guidance on the company's operations and to avoid default state rules. The operating agreement typically includes details on the company's finances, member capital contributions, ownership percentages, voting rights, procedures for meetings and notices, buyout provisions, and the distribution of profits and losses. It also delineates the roles and responsibilities of members and managers, as well as the appointment of officers if the LLC is manager-managed rather than member-managed. The Georgia Limited Liability Company Act provides the legal framework for LLCs in the state, and while it offers a degree of flexibility, having a comprehensive operating agreement in place can help prevent disputes among members and managers by clearly establishing the rules and expectations for the operation of the LLC.