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All LLC's with two or more members should have an operating agreement. This document is not required for an LLC, but it's a good idea in any case. An operating agreement is similar to the by-laws that guide a corporation's board of directors and a partnership agreement, which is used by partnerships.
Get together with your co-owners and a lawyer, if you think you should (it's never a bad idea), and figure out what you want to cover in your agreement. Then, to create an LLC operating agreement yourself, all you need to do is answer a few simple questions and make sure everyone signs it to make it legal.
An LLC can be structured to be taxed in the same manner as a partnership however the owners or partners of a partnership are jointly and severally liable for the debts and obligations of the partnership. The operating agreement is a separate document and is an agreement between the owners of the LLC.