An operating agreement addresses a number of factors about how the limited liability company will be run. The most important factors of the agreement are, what I call, the D’s of the operating agreement. What happens upon the dissolution of the company? The death, disability, divorce of its members, or a disagreement among its members? These are all issues that would properly be addressed by the operating agreement. It’s very important that the members think about these issues at the formation of their limited liability company. Clients may not pay attention to the terms of their operating agreement. It may be upon a disagreement or problem that they actually look back to their operating agreement and see what the document calls for.