A Member-Managed LLC Operating Agreement is a legally binding, comprehensive contract between all members of a Limited Liability Company (LLC). This agreement outlines the rights and responsibilities of each member, including their ownership and control of the company, management structure, decision-making, voting opportunities, profit distributions, liability protection and dispute resolution. It also sets out how the business will be managed on a day-to-day basis and any other matters related to running the business. By having a detailed Operating Agreement in place, members can ensure that the interests of all parties are protected and that the business runs smoothly.