An LLC operating agreement is essentially a document which is meant, for a given LLC, to delineate the structure and rules and regulations which are to guide the LLC’s operations down the line. Despite the fact that this document is not required by law in the state of Maryland we highly recommend that all new LLCsĀ take the time to draft an operating agreement. Frequently, it is the only piece of paper evidence which describes in black-and-white the financial and logistical responsibilities and benefits of each individual member, as well as being the only official regulatory document. For these reasons it can be invaluable in preventing costly legal battles between partners down the road. Please feel free to use our template, located just below and available in PDF and MS Word formatting, to draft an operating agreement of your very own.