The operating agreement that I received from the LLC formation service has several places to be filled out and signed. The simplest operating agreement would be one that provided the names, addresses, and the value of initial capital contributions of each of the members.Learn the difference between the two different management structures: Member Managed Vs. Manager Managed LLCs. Specifically, it provides the amount of assets each business partner or manager receives, and the number of units afforded to each member. An operating agreement is a basic legal document agreed to when someone forms a limited liability company (LLC). Operating agreements detail how the business will be managed, the roles of each member, and what to do in the case of disputes or dissolution of the business.