Operating Agreement. Except as otherwise provided in subdivisions 2 and 3, the operating agreement governs: (1) relations among the members as members and between the members and the limited liability company; (2) the rights and duties under this chapter of a person in the capacity of manager or governor; (3) the activities of the company and the conduct of those activities; and (4) the means and conditions for amending the operating agreement.
Appears in 11 contracts
Sources: Operating Agreement, Operating Agreement, Operating Agreement