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Operating Agreement Drafting

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Publication date: 25.06.2025
Reading time: 4 minutes
Number of views: 34
Stage Term (days) Cost
  • 1
    STAGE 1: Legal Analysis and Information Gathering
    3 $278.30

    STAGE 1: Legal Analysis and Information Gathering

     

    Lawyer's Actions:

    • Consultation with client regarding business structure and LLC plans.
    • Determination of management type (member-managed or manager-managed).
    • Alignment of roles, responsibilities, and ownership percentages for each member.
    • Collection of registration state information (as some requirements are state-specific).
  • 2
    STAGE 2: Drafting the Operating Agreement
    5 $544.50

    STAGE 2: Drafting the Operating Agreement

     

    Lawyer's Actions:

    • Preparation of the initial agreement draft in compliance with local laws.
    • Inclusion of provisions regarding:
    1. company management;
    2. voting procedures;
    3. capital contributions;
    4. profit/loss distribution;
    5. member withdrawal mechanisms;
    6. procedures for membership changes;
    7. dispute resolution.
  • 3
    STAGE 3: Agreement Review and Finalization
    4 $363.00

    STAGE 3: Agreement Review and Finalization

     

    Lawyer's Actions:

    • Discussion of modifications and clarifications with client.
    • Incorporation of requested amendments.
    • If needed - participation in negotiations between co-founders.
    • Preparation of final agreement version for signing.
  • 4
    STAGE 4 (Optional): Legal Support for Company Registration
    7 $484.00

    STAGE 4 (Optional): Legal Support for Company Registration

     

    Lawyer's Actions:

    • Filing documents with the Secretary of State (Articles of Organization).
    • Obtaining EIN (Employer Identification Number) from the IRS.
    • Registering the Operating Agreement as an internal document.
In general
19 $1,669.80

Drafting an Operating Agreement

The Operating Agreement is an internal foundational document of a limited liability company (LLC) that establishes management rules, relationships between members, and key business operation mechanisms. In the U.S., this document is not federally mandated, but most states consider its presence a standard of proper business practice. A properly drafted Operating Agreement protects the company's and members' interests, ensures legal clarity, and maintains corporate structure stability.

 

Legal Significance of the Operating Agreement

The Operating Agreement serves as the corporate constitution of an LLC. It establishes core provisions regarding company management, decision-making processes, profit distribution, members' rights and liabilities. The document is crucial evidence in internal disputes or regulatory audits.

 

Standard Sections and Document Content

The Operating Agreement's content varies depending on company structure, number of members, chosen management form, and state requirements. Typically, it includes these key provisions:

  • company information (name, place of registration, formation date);
  • member composition and their ownership percentages;
  • capital contribution procedures and profit/loss distribution mechanisms;
  • management system (manager, management team, or member voting);
  • voting procedures for key decisions;
  • terms for admitting new members, withdrawal, or ownership transfer;
  • rules for member meetings and record-keeping;
  • dissolution or termination conditions.

 

Compliance with State Legislation

A critical aspect of drafting the Operating Agreement is aligning its provisions with the state's laws where the company is registered. Each U.S. state has its own LLC regulations, typically based on the Uniform Limited Liability Company Act (as amended by each state). Therefore, the document's structure and wording must comply with the specific jurisdiction.

 

Flexibility and Business Model Adaptation

The Operating Agreement allows customization of legal frameworks to suit business specifics. This is particularly relevant for multi-member companies or those with complex investment structures. For example, it may establish different membership classes with distinct voting rights or restrictions on third-party transfers.

 

Importance for Internal Control and Trust

A well-structured Operating Agreement forms the foundation for stable governance and internal control. It sets partner expectations, prevents misunderstandings, and maintains corporate discipline. Detailed protocols for member changes or management restructuring are particularly crucial.

 

 

The Operating Agreement is not just a legal document but a strategic tool that establishes business rules, enhances predictability, and ensures long-term management effectiveness within the U.S. legal system.

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