do not have operating agreements. LLCs
have operating agreements.
A C Corporation has articles of incorporation, which are required in order to register with the state government. A C Corp also has bylaws
, which is the equivalent of an operating agreement. A Corp also has a board of directors
which makes the strategic decisions as to how the corporation operates, and which drafts and votes on formal board resolutions to memorialize its decisions.
The difference between a C Corp and an LLC for operational purposes, is that as an LLC has no board of directors, and as an LLC is intended to operate generally based upon a more limited set of directives and under management of a small number of persons, the operating agreement is all that is required. Whereas a C Corp has a much broader range of interests, and requires more oversight, because it usually has many more investors than does an LLC.
If you have a small C Corp, you can draft a bylaws that provide for management in the same manner as does an LLC operating agreement. Or, you could create a formal resolution that has a similar effect.
Hope this helps.
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