How to Draft a BuyOut Agreement for an LLC Member. ... If available, review a sample buyout agreement to get an idea of what other issues need to be considered. Advertisement.

An LLC operating agreement is a legal document that details the rules and regulations of a limited liability company (LLC) with regards to financial and functional decisions. It covers everything ...

An operating agreement for the LLC protects the company's limited liability status. For example, a multiple-member LLC that does not have an operating agreement may look similar to a partnership.