Even though it’s not required by all states, having an operating agreement can give you a better idea of how your LLC works and protect your interests in case of disagreements. Typically, an operating agreement covers topics such as company management, profit, and loss distribution, members’ rights and duties, capital contributions, and the process to dissolve the LLC.
The cost of creating an operating agreement can vary based on the complexity of the document and the legal fees. Most online legal services offer operating agreement templates for a nominal fee, starting at $40. However, it’s always beneficial to consult an attorney to ensure the agreement’s legality, and the attorney’s fees may range from $100 to $1,000, depending on the scope of the document.
Examples of Operating Agreement Costs
| Service Provider | Cost | Features |
|---|---|---|
| LegalZoom | $99 | Customizable and state-filed |
| Rocket Lawyer | $99.99 | Customizable and attorney-reviewed |
| Incfile | $40 | Customizable but must be filed separately |
“An operating agreement can protect your personal assets and specify how profits should be shared and the business should be operated. It’s worth the investment.”
