LLC Manager-Managed Operating Agreement
This is a template for an operating agreement for a manager-managed limited liability company (“LLC”). An operating agreement establishes the rights and responsibilities of the LLC and its members (i.e. owners). If you have an LLC, you should have an operating agreement.
This template is intended to be a basic operating agreement for small businesses with more than one owner that is overseen by a manager (or team of managers) that the owners appoint. Rather than having all owners involved in the management and oversight of the business, this agreement contemplates that such day-to-day management will be delegated to the managers.
This document also helps to establish the business as an entity separate from yourself for liability purposes. It also makes sure you and the other owners are on the same page (if more than one owner), and outlines decision making and other important business processes.
If your business falls under the definition of a restricted professional LLC in Pennsylvania, you should speak with an attorney about any additional edits that may be required.