Do you need an operating agreement? There are six states that legally require Limited Liability Corporations (LLCs) to keep an operating agreement: California, Delaware, Maine, Missouri, Nebraska and New York. However, an operating agreement can benefit all farms and ranches, regardless of their legal structure. Learn more about the importance of operating agreements and how to create one in this Center for Agricultural Profitability article.

Lance Cheung, USDA (Flickr/Public Domain)