The ownership portion of an operating agreement outlines how the LLC’s profits, losses, and assets are divided among its members. More often than not, this is contingent on the LLC structure.

The station sued in March 2024. A Knox County chancellor heard arguments in May. The case has now been resolved.

QUESTION: What is an LLC operating agreement, and what provisions does it typically include? Know the Law is a biweekly column sponsored by McLane Middleton. Questions and ideas for future columns ...

On December 31, 2024, both parties executed an amendment to the operating agreement to ensure the continuation of this mutually beneficial relationship while addressing the evolving needs and ...