Every limited liability company (LLC) should have an operating agreement.
Whether you own a single-member LLC or you have several co-owners, your LLC’s operating agreement will describe details about the company’s ownership, management, and operations.
An operating agreement can prevent ownership disputes by clearly defining several important operational aspects of the company. You can always draft one yourself, but we prefer getting some professional assistance. On the other hand, hiring a lawyer provides unmatched expertise in creating your operating agreement, but it can be extremely expensive.
Our preferred option is using an operating agreement service like TRUiC. TRUiC is a good company for basic operating agreement templates due to its free pricing model and easily customized template. Let’s dig into the details of this service to find out if it’s the right one for you!
An Overview of LLC Operating Agreement Services
Some companies (like TRUiC) offer operating agreement templates that you can fill out yourself. Meanwhile, some competitors provide full-service LLC operating agreement services, presenting each customer with a complete, fully customized document.
If you still need to form your LLC as well, the options only get more intriguing, as there are several highly reputable companies that bundle business formation and operating agreement services together into money-saving bundles.
That said, TRUiC only offers operating agreement templates, and they’re a good choice for this option. Read on to find out why!
TRUiC LLC Operating Agreement Template Review
TRUiC’s operating agreement template is popular with entrepreneurs, for several reasons. Let’s start with a quick look at some pros and cons before we move into our more detailed analysis.
- Free LLC operating agreement template
- No upsells
- Lots of customization options
The TRUiC LLC Operating Agreement Template
First, you’ll either download TRUiC’s single-member LLC operating agreement template, or you can sign up for an account to create your own custom operating agreement for single-member or multi-member LLCs.
Getting a TRUiC account also enables you to access its library of free business forms, use its business planning tool, and more. Signing up for an account only requires your name, email address, and a password. Once you create your account, TRUiC will send you an email for verification purposes, after which you can begin creating your custom operating agreement.
We like how adjustable the TRUiC operating agreement template is, and how you can easily tailor it to your business preferences. For instance, you can choose to create a single-member or multi-member operating agreement, and you can select between member-managed or manager-managed structures as well. TRUiC even allows you to add custom clauses and sections, enabling you to create an operating agreement that perfectly suits your needs.
TRUiC says it has helped more than 300,000 American entrepreneurs start their businesses, which is a solid experience level. Unlike many of the other options we discuss on our guide to the top LLC operating agreement services available, TRUiC doesn’t sell services. Instead, TRUiC offers free assistance with a wide range of business matters, and can refer users to paid services if they require more help.
In addition to its LLC operating agreement template, TRUiC also offers a business name generator, business idea generator, and logo maker, along with a library of helpful articles to help you form various types of business entities.
Ease of Use:
The entire point of using an operating agreement service is to make the process more convenient than it is to create your own, while also saving you money over hiring an attorney to create it. Thankfully, TRUiC’s operating agreement has an intuitive user interface that makes it simple to create the document you need.
TRUiC is a free service, so you’ll never have to worry about upsells cluttering up the process. All you need to do is select your desired service and follow TRUiC’s simple step-by-step instructions.
How Does TRUiC Work?
The process for creating an LLC operating agreement with TRUiC couldn’t be much easier. We discussed the process of signing up for an account earlier, so in this section, we’ll start with the first page of the operating agreement template itself.
Keep in mind that these steps can vary a bit depending on whether you choose a single-member or multi-member LLC operating agreement — for the sake of discussion, we chose the multi-member option for this breakdown.
- Enter your basic business info: First, you’ll choose between a single-member or multi-member operating agreement template. Then, you’ll enter your company’s name, the state where you formed it, and its formation date.
- Provide membership details: The next step involves inputting the names of each LLC member and how much of the business they own. You will then determine whether or not the LLC plans to add new members in the future. If you choose yes, you will indicate whether a majority vote or unanimous vote is required to add a member. Then, you will choose if the LLC will allow members to transfer or sell their ownership, whether a majority or unanimous vote would be required, and if a departing member will be paid.
- Enter management details: Next, you’ll select whether your LLC is managed by its members or a manager. If managed by a manager, you’ll include that individual’s name. You will also choose whether membership votes are conducted by unit of the LLC owned or on a per-person basis.
- Determine financial plans: In the following section, you’ll choose whether LLC members will be paid by LLC ownership percentage or another variable. You will also decide if the LLC will be responsible for its members’ tax liabilities. Finally, you’ll agree with TRUiC’s terms and conditions and download the .pdf file of your completed operating agreement. It’s just that easy!
Our Final Thoughts
Overall, TRUiC is a good option for basic LLC operating agreement templates. We appreciate this company’s free pricing model, and the many customization options and complete lack of upsells are also welcome features.
If you want to take a look at TRUiC’s competitors for LLC operating agreement templates, or you want to check out full-service options or combo packs with business formation service, our guide to the best LLC operating agreement services has the information you seek.