The LLC operating agreement is a document that can be used to outline the general direction and the general corporate structure of a newly formed LLC. While this agreement is not legally mandatory within the state of Illinois, the benefits of its adoption are readily apparent. An operating agreement can be used to outline the roles and financial responsibilities of all participating members and often serves as the sole regulatory document for an LLC. By outlining what the exact expectations and responsibilities of all participating members is, an LLC operating agreement can be the key to avoiding conflicts between participating members. Clarity and organization can be well-served through the adoption of an LLC operating agreement. You can find a free LLC operating agreement template below in both PDF and MS Word formats. Please ensure that upon the adoption of the agreement, a physical copy is made and distributed to all participating members of the LLC.