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How Long Does It Take a Lawyer to Draft an Operating Agreement

This page explains how long it takes for a lawyer to draft an operating agreement, based on real project data from ContractsCounsel.

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Quick Facts — Operating Agreement Lawyers

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.


ContractsCounsel is not a law firm, and this post should not be considered and does not contain legal advice. To ensure the information and advice in this post are correct, sufficient, and appropriate for your situation, please consult a licensed attorney. Also, using or accessing ContractsCounsel's site does not create an attorney-client relationship between you and ContractsCounsel.


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Coats Business Consulting provides a la carte commercial and legal advisory services for private clients, specializing in Start-Ups and small to medium-sized businesses. Services offered include: Start-Up Consulting (Strategic Planning, Investor Pitch Decks, Commercial Filings, Business Organization) Corporate Document Production (Operating Agreements, Shareholder Agreements, Human Resources, including Employment and Independent Contractor Agreements) Contract Interpretation (Drafting, Review, and Negotiation) Corporate Compliance (Federal and State Regulations) Management Consulting (Goal Setting, Revenue Generation, Operations and Process Consulting, Personnel Hiring, and Evaluation) Commercial Real Estate Transactions (Purchase and Sales Agreements, Leases)

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Michael J.

Partner
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Licensed in NJ, NY
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Combining extensive experience in litigation and as general counsel for a real estate and private equity company, I provide ongoing guidance and support to clients on a variety of transactional matters, including business formation, partnership agreements, corporate agreements, commercial and residential leasing, and employment issues.

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Rinky P.

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Rinky S. Parwani began her career practicing law in Beverly Hills, California handling high profile complex litigation and entertainment law matters. Later, her practice turned transactional to Lake Tahoe, California with a focus on business startups, trademarks, real estate resort development and government law. After leaving California, she also served as in-house counsel for a major lending corporation headquartered in Des Moines, Iowa as well as a Senior Vice President of Compliance for a fortune 500 mortgage operation in Dallas, Texas prior to opening Parwani Law, P.A. in Tampa, Florida. She has represented various sophisticated individual, government and corporate clients and counseled in a variety of litigation and corporate matters throughout her career. Ms. Parwani also has prior experience with state and federal consumer lending laws for unsecured credit cards, revolving credit, secured loans, retail credit, sales finance and mortgage loans. She also has served as a special magistrate and legal counsel for numerous Florida County Value Adjustment Boards. Her practice varies significantly from unique federal and state litigation cases to transactional matters. Born and raised in Des Moines, Iowa, Ms. Parwani worked in private accounting for several years prior to law school. Her background includes a Certified Public Accountant (CPA) certificate from Iowa (currently the license is inactive) and a Certified Management Accountant (CMA) designation (currently the designation is inactive). Ms. Parwani or the firm is currently a member of the following organizations: Hillsborough County Bar Association, American Bar Association, Tampa Bay Bankruptcy Bar Association, National Association of Consumer Bankruptcy Attorneys, and the American Immigration Lawyers Association. She is a Fellow of the American Bar Association. Ms. Parwani is a frequent volunteer for Fox Channel 13 Tampa Bay Ask-A-Lawyer. She has published an article entitled "Advising Your Client in Foreclosure" in the Stetson Law Review, Volume 41, No. 3, Spring 2012 Foreclosure Symposium Edition. She is a frequent continuing legal education speaker and has also taught bankruptcy seminars for the American Bar Association and Amstar Litigation. She was commissioned by the Governor of Kentucky as a Kentucky Colonel. In addition, she teaches Immigration Law, Bankruptcy Law and Legal Research and Writing as an adjunct faculty instructor at the Hillsborough Community College Ybor campus in the paralegal studies program.

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Find the best lawyer for your project

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See Real Operating Agreement Projects

Washington new operating or partnership agreement for a multi-member business venture Drafting
  • Washington
  • 5 lawyer bids
  • $690 - $1,500
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Massachusetts Operating Agreement: Partnership Drafting
  • Massachusetts
  • 8 lawyer bids
  • $400 - $2,500
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California Creating a Business Drafting
  • California
  • 5 lawyer bids
  • $800 - $1,550
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Connecticut Operating Agreement Review Review
  • Connecticut
  • 4 lawyer bids
  • $240 - $1,099
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Florida LLC Operating Agreement Review and Advice Review
  • Florida
  • 11 lawyer bids
  • $300 - $1,500
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Delaware Update Operating Agreement Drafting
  • Delaware
  • 10 lawyer bids
  • $350 - $1,500
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See all Operating Agreement projects

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Contracts Counsel was incredibly helpful and easy to use. I submitted a project for a lawyer's help within a day I had received over 6 proposals from qualified lawyers. I submitted a bid that works best for my business and we went forward with the project.

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I got 5 bids within 24h of posting my project. I choose the person who provided the most detailed and relevant intro letter, highlighting their experience relevant to my project. I am very satisfied with the outcome and quality of the two agreements that were produced, they actually far exceed my expectations.

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Need help with an Operating Agreement?

Create a free project posting
Clients Rate Lawyers 4.9 Stars
based on 19,284 reviews

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