LLC Operating Agreement is a document that customizes the terms of a Limited Liability Company (LLC) according to the specific needs of the owners and outlines the financial and functional decision-making in a structured manner. An Operating Agreement is a crucial document that should be included when setting up an SPV. The document, once signed by the members (owners), acts as a binding set of rules for them to adhere to. An SPV Operating Agreement governs the relationship between all of the investors and managers of the SPV. An SPV Operating Agreement is accompanied by two other documents, the subscription agreement and the private placement memorandum.
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