An operating agreement is a binding contract among LLC operators which customizes the terms of the company and provides a set of rules that all company officials must adhere to. Though this is not a legally mandatory step in the LLC formation process, it is nonetheless a critical component of the entity’s organization. Companies which opt-out of drafting this document will be required to comply to the default laws and rules put in place by the state. Because of the complexity of the provisions provided within an operating agreement, it is always wise to have an attorney review the document before company officials sign off on its terms and conditions. Below you will find a free template available in both MS Word and PDF formatting to be used to expedite the drafting process.