Which of the following is correct regarding the operating agreement of a limited liability company (LLC)?
1) Although it is not required, an LLC will typically have an operating agreement.
2) The Restatement (Second) of Limited Liability Companies requires an LLC to have an operating agreement.
3) It is not required, and most LLCs therefore do not have an operating agreement.
4) The Restatement (Third) of Limited Liability Companies requires an LLC to have an operating agreement.