OPERATION AGREEMENT Definition

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OPERATION AGREEMENT, within an LLC, is similar to the constitution of a corporation. It is drafted primarily because an LLC only has a basic Articles of Organization that is very general in nature. An Operation Agreement has much more specificity as to the formation and operation of the LLC organization.

Learn new Accounting Terms

KORUNA (KORUN, KORUNY) is a currency of Czechoslovakia, Czech Republic, and Slovakia.

PAYABLE TO SHAREHOLDERS normally refers to distribution of dividends to shareholders and / or repayment of notes held by shareholders.

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