Operating Agreements- any templates available?

Question

Hello all! Newbie here trying to start off on the right foot with 2 partners. I’ve listened to many of the BP podcasts and a recurring theme is making sure to have an operating agreement in place when partnerships are involved (of course). I’ve mined through the forums and I can’t seem to find a starting point for drafting an operating agreement- is this something you all hire a lawyer to draft? I was thinking I’d find something to start with then could bring to a lawyer for review/recommendations, etc…. Any guidance appreciated! Cheers.

Henry Clark · Answer

Use the lookup.  Put my name and operating agreement.  Make sure you focus on valuation and exit options.

Kaitlin Iulo · Answer

This is very helpful. Thank you, Chris. Congratulations on your successful partnerships and businesses. I hope to achieve the same!

Kaitlin Iulo · Answer

I appreciate your feedback! Yes, we are each bringing something different to the table (capital, experience, contacts).

Kaitlin Iulo · Answer

@HenryClark, thank you. I was able to find it with your instructions. I appreciate the launch pad!

@Henry Clarkundefined

Jaryn Pierson · Answer

Hi Kaitlin

What makes me nervous here is how you call yourself a Newbie and are trying to start off with 2 partners. I don't want to take the wind out of anybody's sails, but I would be very careful starting out with other people unless you are the one bringing the money and the other two are experienced operators.

Chris Martin · Answer

I have been in partnerships from 1 to 18 parties. One solar farm venture had three LLCs and six individuals. Regarding "is this something you all hire a lawyer to draft?" the answer is 'yes'. Regarding "I was thinking I’d find something to start with then could bring to a lawyer for review/recommendations, etc." That would be the best path.

I have been fortunate to have good partners. A lot of that is due to decent OAs and dealing with decent human investors. Get both and your operating structure should be okay.

Eliott Elias · Answer

You can find a blank template online. Don't recommend it but it's free

Operating Agreements- any templates available?

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