When forming a new LLC, how viable is a boilerplate template for Operating Agreement?

Discussion in 'Legal and HR' started by finiteus, Mar 5, 2019.

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Is an Operating Agreement template good enough for forming a new LLC?

  1. Yes

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  2. No

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  3. Maybe (please add response)

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  1. finiteus

    finiteus
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    A few partners and I have a business idea we want to explore. We'd like to form an LLC to do so. We are still in the exploratory / ideation phase but are already executing on a few actions. Once the details are hammered out we want to act quickly and start throwing meat on whatever skeleton of a company we put together.

    My question is, since we don't have much detail yet and we don't want to contribute too much of our $ and time to legalese, is it viable to create our Operating Agreement using a template we find online? And if so, what are some other items we can consider adding to it to make it more comprehensive?

    Would welcome answers from all, but especially from those who have formed an LLC before in the US.

    *EDIT: to clarify, I have formed other LLCs but have always used a lawyer to structure them. This idea is pretty much something drafted up in a pinch and we're not 100% sure yet what we'll do with it. We're forming it just so if we want to act, we don't need to scramble to put something together later.

    Added a poll as well.
     
    #1 finiteus, Mar 5, 2019
    Last edited: Mar 5, 2019

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