You can write your own agreement, or fill out our attorney-drafted template to generate your manager-managed LLC operating agreement for free. An LLC operating agreement is a foundational legal document that outlines the ownership and corporate governance of a limited liability company.An operating agreement is one of the most critical steps businesses take before starting a new venture. Download your free template today. Here is a Managermanaged Operating Agreement template available in 2 formats. This can be used for a Single-Member LLC or a Multi-Member LLC. The following information has been developed to answer your questions regarding formation of an LLC and to assist in the filing of the Articles of Organization. Business formation attorney Hank Doyle has assisted LLC's and businesses for over 25 years in selecting the right business type. In the case of an LLC, that parachute is your LLC Operating Agreement. It provides you protection as you jump out of the plane and start your business journey.