What to Include in an LLC Operating Agreement -

"There is a host of issues you must cover in your operating agreement, some of which will depend on your business's particular situation and needs. Most operating agreements include the following:

-the members' percentage interests in the LLC
-the members' rights and responsibilities
-the members' voting power
-how profits and losses will be allocated
-how the LLC will be managed
-rules for holding meetings and taking votes, and
-'buy-sell' provisions, which establish a framework for what happens when a member wants to sell his (or her) interest, dies or becomes disabled.

While these items may seem fairly straightforward, each has important details."

Read more in this article from Findlaw.