Limited liability companies may wish to draft an operating agreement to strengthen the organization of their internal affairs. The agreement is an internal document forged between the managing members of an entity which contains any provisions you deem necessary to specify. This document would typically included the duties and responsibilities of management, personal interest percentages, member shares, meeting times, and any other business details that may be agreed upon. Though there is no legal obligation to file this document, however, we still highly recommend that you considering implementing this into your business structure. Take a moment to review the free template we have provided (available in MS Word and PDF formats), with the assistance of an attorney, to see if the use of an operating agreement could be beneficial to your business.