An operating agreement is a legal document that outlines the ownership and operating procedures of a limited liability company (LLC). This document is essential for a business to operate smoothly as it clarifies the roles and responsibilities of all the stakeholders involved. While an operating agreement is a standard and well-known term in the business world, there are other names for it that are also used interchangeably.

One such term is the LLC Agreement, which is a common term used for operating agreements. This name is used primarily because an LLC is the most commonly formed type of business entity in the United States, and its agreement is often referred to as the LLC Agreement. It serves the same purpose as an operating agreement and outlines the same details, but it can be referred to as an LLC Agreement.

Another term used in place of an operating agreement is the Company Agreement. This name is more commonly used in states like Delaware, where the entity formation laws are different from the rest of the states. In Delaware, the LLCs are required to file a Certificate of Formation, which is similar to the Articles of Incorporation for corporations. Along with the Certificate of Formation, a Company Agreement is also required, which outlines the ownership and operating procedures of the LLC.

In some cases, an operating agreement is also referred to as a Partnership Agreement, especially when the LLC is formed by a partnership. This name is used to reflect the fact that the agreement outlines the business operations of a partnership entity, even though it is an LLC and not a partnership. This name is typically used when the LLC has two or more members, all of whom have an equal say in the ownership and management of the business.

In conclusion, while an operating agreement is the most commonly used term for a document outlining the ownership and operating procedures of an LLC, there are other names for it that are also used interchangeably. LLC Agreement, Company Agreement, and Partnership Agreement are a few of the other names used for operating agreements, depending on the state and the type of entity being formed. Regardless of the name used, the document serves the same purpose, and its details are critical for running a successful business.