This template is an Operating Agreement for a member-managed limited liability company with multiple members. This template includes practical guidance, alternate and optional clauses, and drafting notes. Notwithstanding the significant and important role an operating agreement can play in the management and operation of an LLC, very few jurisdictions mandate the adoption of an operating agreement. See the image below to see which states mandate the adoption of an operating agreement. Visualization of the Map of States Requiring Operating Agreements Source: Operating Agreement and Initial Filing Requirements State Law Survey (LLC), Current as of 06/10/2022 Operating agreements may be written or verbal, and while most jurisdictions allow either, some jurisdictions require operating agreements be in writing. See the image below to see which states require the use of a writing or some other template. Visualization of the Map of States Requiring Operating Agreements Be Written Source: ...