An operating agreement is a set of bylaws which the organizers of an LLC draft following their registration with the Secretary of State. This document can serve a company in listing all the provisions pertaining to the management of the company, the member’s rights and responsibilities, the member capital contributions, the distributions of assets and all other regulations detailing the operations of the business. In short, this a legal binding agreement between the members of the company and the company itself which allows for organizers to clarify the affairs of the company and establish the manner in which it will conduct business. We’ve offered on this page a template which we urge you to review, preferably with your attorney, to ensure that all statements are accurate and applicable to your business. If it meets your expectations, you may download it in PDF or MS Word format, supply the necessary information into its fields and have each managing member sign it. For the each member’s best interest, they should file their own copy for future reference.