LLC Operating Agreement

An operating agreement is the foundation of your LLC, setting the rules for ownership, management, and profit-sharing. It's a vital legal document that helps prevent disputes and protects your business interests. Think of it as a customized roadmap for your company's success.

Last Updated: Sept. 12, 2024

Not sure if you need an Operating Agreement? Learn why these agreements are important -- for both single-member LLCs and multi-member LLCs.

Why Your LLC Needs an Operating Agreement

• Legal Protection: It helps to separate personal and business assets, providing a layer of legal protection for the owners.
• Operational Clarity: The agreement clearly defines roles, responsibilities, and processes, reducing the likelihood of internal conflicts.
• State Compliance: Some states require LLCs to have an operating agreement, and even in states where it's not mandatory, it’s highly recommended.

Find the Perfect Operating Agreement Template for Your LLC

• Single-Member
• Single-Manager
• Multi-Member
• S Corp
• Legal GPS Pro

Member-Managed LLC Operating Agreement

Operating Agreement Template for Single-Member, Member-Managed LLCs. Legal GPS templates are drafted by top startup attorneys and fully customizable.

Manager-Managed LLC Operating Agreement

Operating Agreement Template for Single-Member, Manager-Managed LLCs. Legal GPS templates are drafted by top startup attorneys and fully customizable.

Member-Managed LLC Operating Agreement

Operating Agreement Template for Multi-Member, Member-Managed LLCs. Legal GPS templates are drafted by top startup attorneys and fully customizable.

Member-Managed S Corp LLC

Operating Agreement Template for
Single-Member, Member-Managed LLCs taxed as an S Corp

Manager-Managed S Corp LLC

Operating Agreement Template for
Single-Member, Manager-Managed LLCs taxed as an S Corp

Multi-Member-Managed S Corp LLC

Operating Agreement Template for
Multi-Member, Member-Managed LLCs taxed as an S Corp

Get access to all our operating agreements, 100+ other important contract templates, and a step-by-step, interactive platform that will help you build a solid legal foundation for your business. All included in Legal GPS Pro.

What to Include

To get started, simply purchase the template and download it to your device. You can then customize it according to your business requirements. LLC operating agreements commonly include the following important sections:

• Company Formation: Establishes the name, purpose, and duration of your LLC, along with its principal place of business.
• Management and Voting Structure: Defines the member's decision-making authority and responsibilities.
• Capital Contributions: Details the initial contributions made by the member and the process for making additional contributions in the future.
• Distributions: Defines how profits and losses will be allocated and distributed to the member.
• Books, Records, and Tax Matters: Describes the record-keeping requirements and tax-related obligations.
• Dissolution: Describes the process and conditions for dissolving the LLC, including the distribution of assets and liabilities.
• Miscellaneous Provisions: Includes provisions for dispute resolution, amendments, and governing law.

How to Purchase and Use Our LLC Operating Agreement Templates

Follow these simple steps to get your LLC Operating Agreement:

Step 1: Choose the Template that Fits Your Business

Select the appropriate template based on your business structure—whether it's a Single-Member, Multi-Member, Manager-Managed, or Member-Managed LLC. Or if it’s taxed as an S Corporation. We have you covered in all aspects!

Step 2: Complete Your Purchase ($35 per Template)

Add your chosen template to the cart and proceed with the secure checkout process. You’ll receive the template immediately after your purchase.

Step 3: Download and Customize

Download the template in your preferred format. Customize the sections to reflect your LLC’s specific details, including member roles, voting rights, and distribution of profits.

Step 4: Review with Your Partners and Legal Advisor

Once you’ve filled in the details, review the agreement with your LLC members and, if needed, consult a legal advisor to ensure everything is in order.

Step 5: Sign and Store Your Agreement

After finalizing the agreement, have all members sign it. Store the signed document safely and make sure all members have a copy.