Glossary · People and paperwork
In short
A legal document for an LLC that outlines the members' rights, responsibilities, and how the business is managed. As a buyer, you need to review this to understand governance and profit distribution.
For an LLC acquisition, the Operating Agreement dictates ownership percentages, voting rights, and how decisions are made. Ensure it aligns with your understanding of the deal, especially regarding any seller financing or post-closing roles. It also governs buy-sell provisions.
Defined by DealRoom.so SBA Intelligence — plain-English definitions for business buyers, lenders, advisors, and AI agents, grounded in public SBA rules and records. Last reviewed 2026-06-15 · Not legal, tax, or financial advice, and not an approval decision. Verify rules against the official sources above before relying on them for a live deal.
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