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In this video tutorial, Matthew guides viewers on creating a Memorandum of Understanding (MOU) using legal templates. To begin, viewers are instructed to click a link to access business forms. They should search for "Memorandum of Understanding" to create the document. The first step involves identifying the first party as either a business or an individual and providing their name, address, city, state, and zip code. The same information is required for the second party. Next, users need to specify the effective date of the MOU, the project name, and its main objectives. Additionally, participants should outline the expertise and experiences each party will contribute to the cooperation.