All managing members of a Limited Liability Company should put into effect a document that will dictate the manner in which the business shall manage it’s affairs. The operating agreement template found attached on this webpage will serve this function. Although the drafting of this document is is not legally required in the state of Georgia, doing so remains highly advisable as this agreement is more often than not the only legal representation of the relationship held between company officials and the entity itself. Serving as a guideline for the government of day to day operations, the operating agreement will serve as a point of reference for each officer or agent of a company. Not only will this document clarify relations between owners, it will also demonstrate to the IRS, financial institutions and other companies which you’d like to do business with that you’re both legitimate and operational. The written operating agreement may not contradict with State Law surrounding LLCs (Title 14, Chapter 11) or any provision set forth in the articles of organization upon initial filing.
Below we’ve offered both the PDF and MS Word format for our template. We recommend having your attorney revise this document, before having all managing members sign it and file it for their own personal reference.