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 North Dakota, a limited liability company (LLC) is governed by the North Dakota Century Code (NDCC), specifically Chapter 10-32.1. The operating agreement is a key document for an LLC as it outlines the internal operations and structure of the company. It is similar to a corporation's shareholder agreement. The operating agreement should detail the financial arrangements, including capital contributions and how profits and losses are distributed. It should also specify ownership percentages, voting rights, procedures for meetings and notices, and terms for buyouts. Additionally, the agreement should address the appointment of officers and the roles and responsibilities of members and managers. In North Dakota, LLCs can be member-managed or manager-managed, and the operating agreement should clearly state the management structure chosen. While North Dakota law does not require an LLC to have an operating agreement, it is highly advisable to have one to ensure clear guidance for the operation of the LLC and to avoid default state rules that apply in the absence of an agreement.