Which document establishes the organizational structure of a limited liability company?

The operating agreement is the key document that establishes the organizational structure of a limited liability company (LLC). This agreement outlines various essential elements, including the management structure, member duties, and the distributions of profits and losses among members. It serves as an internal governing document that sets the rules under which the LLC operates, detailing how decisions are made and how responsibilities are allocated among members.

In contrast, a partnership agreement is specific to partnerships and outlines the terms of the relationship between partners, while bylaws are associated with corporations and govern the operations of a corporation, including shareholder meetings and director responsibilities. A charter application, on the other hand, is a document submitted to a state government to legally form a corporation or LLC, but it does not delve into the internal management structure as the operating agreement does. This makes the operating agreement the definitive document for establishing and detailing the structure and operation of an LLC.