If, however, there was some sort of income distribution to this third partner, or this third partner was doing anything that could potential turn into liability into the company, then perhaps you may want to be a bit more formal about this (i.e. partial ownership) for a small period of time he was “owner.”. Download this Consultant Timesheet Template that’s designed to account for time that a consultant would spend on any project that requires a consultant and/or contractor. This timesheet will account for the hours that are spent with or without the client present. This will also serve as a record for the time served on any consulting project and could be used to provide to the client as an invoice as well. I’ve been blindsided and would like to know your take when you have the time. An operating agreement is a company document that is not filed with your State. It is a document signed by the owners of the LLC, and kept with the rest of the LLC's internal records. It would be best if you consider hiring a business attorney you trust to work through this document with you.