An operating agreement is not required in the state of Oregon, though we highly recommend that all limited liability companies consider drafting one. This agreement serves as a contract amongst the managing members of a LLC that states the rules and regulations under which they will be required to operate. A number of details pertaining to the day-to-day operations of your business may be specified within this document, such as the roles and responsibilities of managers, the entity’s bookkeeping, the number of annual meetings held by managers and the like. With this agreement set in place you will have legal proof that each individual has agreed to abide by the rules, possibly preventing future legal disputes between members. Take a moment to review the template we have provided, available in both MS Word and Adobe PDF formats.