Often, we encounter clients who have taken it upon themselves to form their own limited liability company (LLC)—whether through online legal technology companies, or by way of other nonattorney professionals. This, in and of itself, isn't an issue, but consequently, these clients may have a poorly drafted operating agreement or, worse yet, none at all. And even if there is one drafted, it will likely be based on a template and not tailored for the particular business or the state of the entity's formation.

The takeaway? It is far preferable for LLC members to consult with the proper advisers when preparing operating documents—and to ensure they draft them effectively. The documents are much more than formalities and serve as a vital portion of an LLC's formation and ongoing operation.