An LLC Operating Agreement is a foundational legal document that outlines the ownership structure, operational procedures, and financial arrangements of a Limited Liability Company. This advocate-reviewed template, available for download on wansom.ai, serves as the internal roadmap for the entity, ensuring that all members are aligned on their roles and the company's governance.

This downloadable template is intended for startup founders, small business owners, real estate investors, multi-member LLCs, and single-member entities looking to formalize their business operations. It is a critical tool for distinguishing the business as a separate legal entity, which helps protect the personal assets of the owners from company liabilities.

The template requires a clear identification of member capital contributions, profit and loss distributions, and voting rights. It also addresses essential management details, such as manager-managed vs. member-managed structures, buyout provisions (buy-sell agreements), and procedures for dissolving the company. To be properly executed, the agreement should be signed by all initial members and kept in the company’s official records, ensuring compliance with local statutory requirements and the entity's Articles of Organization.