An Amendment to an LLC Operating Agreement is essential to reflect the current operations of the company, as well as the responsibilities and ownership shares of the business members. In the absence of an amendment, the original operating agreement stands as the valid contract between the parties, and only the terms included in that agreement will be applied to disperse profits or make management decisions. 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. This report is mandatory and must be filed within the specified time frame in order for the entity to remain in good standing with the state. Failure to file this report can lead to the company being revoked or administratively dissolved. I’m sorry to hear of the trouble. What you can do depends greatly on the Operating Agreement that you have and what state you’re located in. Hello, I have two partners ( 3 partners in total including myself) and one of my partner wants to leave our company. All three partners agreed that the leaving partner give up all his rights and obligations.