Free Delaware LLC Operating Agreement Templates

A Delaware LLC Operating Agreement is one of the main documents drafted during the formation of the business created to protect the members (owners) from bearing personal responsibility for the debts of the company. It is supposed to define the structure of the entity, explain how it will function, and determine the steps to take whenever one of the members is unable to continue their involvement.

Since this instrument is legally required for the formation stage of the business, carefully work on the wording that satisfies all the members right when you start the company - you may update the document later, whenever it is necessary, and the procedures for that can be recorded in the text of the agreement. Although the company does not have a duty to submit the first edition of the operating agreement and subsequent modifications to it to any governing bodies, its existence is beneficial for the business owners - you can always follow the provisions from the document to act in accordance with the established internal regulations.

Delaware LLC Operating Agreement Template Types

• Delaware Single-Member LLC Operating Agreement Template. If your company will only have one owner or member that will be allowed to exercise complete control over the business and all its operations, this is the document for you. Consider this organizational structure if you prefer to minimize communication with the tax services - a single member is not obliged to submit a federal tax return;
• A Delaware Multi-Member LLC Operating Agreement Template is completed when there is more than one member or owner. Several individuals or corporations have to make decisions together and share all the revenue and liabilities which may require long negotiations before the agreement is signed - it is possible that a member chooses to leave the company, which often leads to the redistribution of shares.

How to Form an LLC in Delaware?

Here is what you should do to create a limited liability company in Delaware:

1. Select a person who will communicate with the Division of Corporations representing the business - it can be a local resident or organization authorized to conduct business in the state.
2. Fill out a certificate to form an LLC and prepare the appropriate fee - there are different laws for domestic and foreign LLCs so make sure you choose the right certificate and pay the correct fee. Note that a cover sheet that verifies the entity's name and its contact details must be attached to the application. Send the paperwork and the fee to the Division of Corporations.
3. Complete a Delaware LLC Operating Agreement Template. Refer to the formal name and location of the entity, list the members and the amounts of their contributions to the capital, explain how the company is managed and how the earnings and losses will be shared, outline the future recordkeeping and tax filing, and agree upon the potential liquidation of the business. The document has to identify the representative that will deal with the correspondence from various authorities and distribute it accordingly.
4. Reach out to the Internal Revenue Service to obtain an employer identification number online or by filing an application - this number will be required for your business to carry out operations and transactions legally.

Still looking for a particular template? Take a look at the related forms below:

• LLC Forms;
• Partnership Forms;
• Corporation Forms.