Official Website of the Commonwealth of Pennsylvania
All types of Limited Liability Companies (LLC) should create an Operating Agreement, agreed upon by each member. This agreement may be informal, but it is advisable to have a written agreement created by all parties, establishing ownership percentages, the roles and responsibilities of each member, profit and loss distribution, as well as other rules about the LLC. The operating agreement does not need to be filed with the Pennsylvania Department of State. However, when opening a bank account or applying for funding the operating agreement may be required to prove ownership of the LLC.
Revised 11/7/2024
