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 Wyoming, 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 the members and managers. The operating agreement should cover various aspects of the LLC's operations, including financial management, capital contributions, ownership percentages, voting rights, procedures for meetings and notices, buyout provisions, and the distribution of profits and losses. It may also detail the roles of officers within the company. Wyoming law allows LLCs to be member-managed or manager-managed, giving flexibility in how the company is run. The operating agreement is not required to be filed with the state but is an internal document that serves as a contract among the members. It is important for the operating agreement to be comprehensive and tailored to the specific needs of the LLC to ensure smooth governance and to protect the members' interests.