Setting up an LLC ? If so, an important document you need is an operating agreement, which governs how the business will be managed, how profits are distributed, and other important terms.
If you are setting up your LLC with partners, we would recommend having a professionally drafted operating agreement to make sure there are no disputes in the future.
To help you plan, we analyzed hundreds of operating agreement projects in the ContractsCounsel platform to determine the average turnaround time for drafting.
Average Turnaround Time
The average turnaround time to draft an operating agreement is 3 to 4 business days.
If a single member LLC with a simple structure, the draft is often delivered in 1 to 2 days.
For multi-member LLCs that have custom terms, it may take 4 to 5 business days.
What Affects Turnaround Time?
The turnaround time to draft an operating agreement depends on several factors:
- Single member vs multi-member LLC
- Complexity of terms and required customization
- Number of revisions rounds a client may request
- Client preparation on the terms they want in the agreement
- Whether a kick-off call is scheduled with the client to go over terms
Clients who are prepared with full details upfront typically get drafts delivered sooner.
Tips to Speed Up the Process
- Upon hiring, fill out the client intake form completely
- Review common terms included in LLC operating agreements and discuss them with your business partners
- Ask the lawyer for a delivery date upfront and hold them accountable
- Choose a lawyer that specializes in LLC law with experience in business formation
Real-World Example:
A three-member LLC posted a project to draft a custom operating agreement with member buyout provisions. The project received eight proposals within 24 hours. The selected lawyer delivered a first draft in three business days and finalized the agreement after one round of edits - all within a 6-day timeline.
Need Help Drafting an Operating Agreement?
Post your project on ContractsCounsel and get matched with experienced business lawyers who can draft a customized operating agreement for your LLC — quickly and at a flat rate.