Operating Agreements are the governing and controlling documents of Limited Liability Companies (LLCs). The key provisions of these agreements outline the businesses financial and functional decisions. Operating Agreements control how an LLC is managed, who manages it, what decisions can be made, and if there are any limitations to decision making. Operating agreements act as an official contract between the owners of the LLC. Most state statutes require that an operating agreement be in place when forming and LLC. Many banks also request to have a copy of the operating agreement whenever opening a business banking account.