When starting a business with a partner, it`s important to have a clear agreement in place to avoid any misunderstandings or legal disputes down the line. One common way to do this is by creating an operating agreement for your LLC (Limited Liability Company). Here, we will discuss a simple operating agreement for a two-member LLC that can be easily downloaded in PDF format.

Firstly, it`s important to understand what an operating agreement is. This document outlines the rules and regulations that govern the operations of your LLC, including the members` rights and responsibilities, ownership percentages, profit and loss distribution, management structure, and decision-making processes.

When creating this document, it`s important to consider the unique needs and goals of your business. However, there are some basic elements that should be included in any operating agreement for a two-member LLC, and this is what the “simple operating agreement for two-member LLC” PDF template covers. Let`s take a closer look:

1. Company Information: This section provides general information about your LLC, such as the company name, address, and purpose.

2. Member Information: Here, you will provide the names and contact information of the two members of your LLC. You`ll also need to specify each member`s ownership percentage.

3. Profit and Loss Distribution: Next, you`ll outline how profits and losses will be divided between the two members. This can be based on the ownership percentage or some other agreed-upon formula.

4. Management and Decision-Making: This section outlines how the LLC will be managed and how decisions will be made. You`ll need to specify whether the LLC will be member-managed or manager-managed. Additionally, you`ll need to decide how major decisions – such as admitting new members or making significant investments – will be made.

5. Dissolution: Finally, you`ll outline the conditions under which the LLC may be dissolved. This includes situations such as bankruptcy, unanimous consent of the members, or expiration of the LLC`s operating agreement.

By using a simple operating agreement for a two-member LLC PDF template, you can ensure that you have a solid legal foundation for your business that protects both you and your partner`s interests. It`s still highly recommended, however, to consult with a legal professional to ensure that all necessary provisions are included and that the agreement complies with state laws.