LLC Operating Agreement Template

This Operating Agreement Template is an editable, .doc format agreement that you can use to outline how you want your limited liability company (LLC) to be run. These agreements are sometimes also known as “partnership agreements” or “founder’s agreements.”  While they are private and not filed with any governmental authority, they are VERY important in outlining business owners' roles and responsibilities and establishing boundaries and exit planning on how a company will be run.

Do you need to set up your LLC (and the rest of your business foundation)? Check out my Lawfully Ever After™ Course - a 6-week course to turn you from a damsel in distress into the white knight in your own business. 

This LLC Operating Agreement template is perfect for: 

• Single-member LLCs (some banks and states REQUIRE you to have an operating agreement, and many commercial leases do as well). Currently, these states require operating agreements:  California, Delaware, Maine, Missouri and New York 

• Multi-members LLCs

• Family-run businesses

• Married business partners

• Online businesses

• Podcast co-hosts

• E-commerce companies

• Online membership/online course co-founders

• ...or any type of ‘Best-friend’ businesses! (these agreements are REALLY IMPORTANT for business partners who have an underlying relationship that may be as or MORE important than the business venture you are starting together!)

And this attorney-drafted operating agreement works for literally EVERY type of business in any industry where the partners have 1) incorporated or registered with their state as a limited liability company or 2)plan on incorporating or registering as a limited liability company. 

Want more information on partnerships? Check out Creative Counsel episode 45 and download the free partnership questionnaire to have your own "pre-marital business counseling" meeting with your business partner, and also episode 79 with Sara Urquhart on Starting (and fixing) your business partnerships!

**** PRO Tip: If you are an early-stage startup that may have a longer runway where there will be time and money inputs into your company, you may want to consider a DYNAMIC EQUITY AGREEMENT, also known as a Slicing Pie Agreement where equity (or ownership) changes according to different member inputs. You can find more information about Slicing Pie here.

This agreement has clauses covering: 

• Name, Address and Registered Agent of Company

• Company’s purpose

• Limits liability for all members/owners

• who can sign for the company and enter into contracts on its behalf

• what the initial contributions are of founders (their “cap table”

• exit planning and what will happen if a owner wants to leave the company

• Non-compete language for owners

• Intellectual property assignment/work for hire language so that all the cool stuff that founder are contribution to the business ACTUALLY gets put in the business pot

• Social media/marketing policies around who controls online content

• What to do if you can’t agree on a buyout price (outside valuation)

• How members can be kicked out for bad behavior

• Plus ALL the legakese to protect YOU and your business from the “honeymoon” phase of your business to the “tired-but happy-married couple” phase of your business