An LLC operating agreement regulates LLC procedures much as if corporate bylaws do for corporations. In order to properly align your ideals, goals and capital with your co-owners an LLC operating agreement should be put into effect. When writing your LLC operating agreement, you, and your partners create boundaries for the percentage of ownership, rights and responsibilities, as well as what will become of the business if someone leaves. While many states do not request an operating agreement, it is still a good idea to consult a small business lawyer about the specific requirements for your area.