Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations. An LLC operating agreement is a legal document that ...

What Is an LLC Operating Agreement? An LLC operating agreement is a document that customizes the terms of a limited liability company according to the specific needs of its members. It also ...

Complete an operating agreement. File an annual report every year. The first LLC was created in 1977. It was named the Wyoming Limited Liability Company (LLC). In 1988, the Internal Revenue ...

In Texas, an operating agreement isn’t required to form a limited liability company (LLC). However, business attorneys, accountants and advisors agree that no LLC should form without one.