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LLC operating agreements allow you to structure your financial and working relationships with your co-owners in a way that suits your business. This Agreement constitutes the entire understanding and agreement between the Members with respect to the subject matter of this Agreement.Formally create the operational guidelines for a limited liability company (LLC) now with LawDistrict's online LLC operating agreement template. An LLC operating agreement is a legal document that is similar to corporate bylaws. Most LLC operating agreements include a line or two about the business's industry and primary product or service. Set the important rules for your LLC with our operating agreement template. What Is an LLC Operating Agreement? An LLC Operating Agreement is a legal document that summarizes the function, structure, and rules of a business. An operating agreement serves as a working document and should be designed to be fluid, allowing for any changes necessary as the business grows. Get your free LLC (Limited Liability Company) Operating Agreement template right here.