Corporate structure
Your LLC's operating agreement: why it is urgent
By Thiago Vieira — Lawyer admitted in Brazil (OAB) and Portugal (OA), founder of Pactum Global
September 10, 2026 · Reviewed on October 12, 2026 · 5 min read
Forming an LLC is fast. Governing it well is what keeps the structure standing when a new member, an investor, a bank or a dispute shows up. The operating agreement defines how decisions are made, how profit is distributed and what happens if someone wants out.
Without one, the state's default rules apply — and they rarely match what the founders agreed over chat. Banks and payment processors increasingly ask for the document during account opening too.
The critical points: membership percentages, capital contributions, distribution rules, management powers, quorum for major decisions, admission and withdrawal of members, and unit valuation.
With Pactum you answer questions in your own language and get the document in English, as an editable .docx, in the structure US banks and accountants expect.
In short
- — Without an operating agreement, the state's default law decides
- — Banks and processors ask for it more and more
- — Member admission and exit need a rule before the conflict
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