If your LLC doesn’t have an operating agreement—or if you have one you haven’t looked at since you formed the company—this checklist is for you.

An operating agreement is the document that governs how your LLC actually runs: who owns what, how decisions get made, how money moves, and what happens when someone wants out. Without a solid one, your state fills in the blanks. Those default rules weren’t written for your business.

This free checklist walks you through five key questions to find out whether your operating agreement is doing its job and where the dangerous gaps are.

What you’ll find out:

• Whether ownership, capital contributions, and profit/loss rules are clearly documented
• Whether your management structure and voting thresholds are specific enough to hold up
• Whether you have the right rules for membership changes and transfers
• Whether every exit scenario is addressed, including the ones nobody wants to think about
• Whether intellectual property ownership is spelled out clearly

It takes about five minutes. The results section tells you exactly what your answers mean and what to do next.

Who this is for: Small business owners, entrepreneurs, and founders with an LLC, whether you formed it yourself or had help, whether you have partners or you’re the only member, whether you’ve been operating for years or just started.

I’m Julie King, an IP and patent attorney with over 25 years of experience. I help small business owners and creators with intellectual property nationwide, and with business formation and contracts in Illinois. This checklist won’t replace a conversation with your attorney, but it will tell you some important things to ask about.

Have questions about your operating agreement, business structure, contracts, or IP strategy, or ready to dig deeper on anything the checklist flagged? I help clients with business legal matters in Illinois, and I help clients with IP matters nationwide. Book a consultation at kingpatentlaw.com.

This checklist is for general educational purposes only, is not legal advice, and does not form an attorney-client relationship. Laws vary by state and contract terms vary widely. For advice specific to your situation, consult a licensed attorney. Julie King | King Patent Law, PLLC | 301 N Neil St Ste 400, Champaign IL 61820. Contains attorney advertising material.