The Operating Agreement is similar to a partnership agreement. The document that governs the owner’s relationship with each other is called an Operating Agreement. The owners of an LLC are called “members.” The LLC may be managed by its members, or members may appoint “managers” to run the business. An LLC is formed by filing the Articles of Organization with the State of Florida and paying a respective filing fee ($125 as of June 30, 2017). It has gained popularity in recent years because it provides flexibility with taxation and provides strong liability protection for the owners. An LLC is the choice of business entity for most entrepreneurs, investors, and small business owners. A limited liability company or more commonly referred to as “LLC” is a type of business entity.
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