Perhaps the most important document in an LLC is an operating agreement. Most states do not require an operating agreement, but its importance cannot be overstated. A company’s operating agreement covers a lot of information, but generally speaking, it establishes the framework and business structure. It identifies the company’s governing rules, including managerial structure, profit distribution, voting rights, and what happens when a member dies or perhaps wants to sell its interest. Typically, an operating agreement also identifies the members and officers of the company, which is especially important in states where this kind of information is not on public record.