Lipid membrane with freely exposed edge is regarded as smooth surface with curved boundary. Exterior differential forms are introduced to describe the surface and the boundary curve. The total free energy is defined as the sum of Helfrich's free energy and the surface and line tension energy. The equilibrium equation and boundary conditions of the membrane are derived by taking the variation of the total free energy. These equations can also be applied to the membrane with several freely exposed edges. Analytical and numerical solutions to these equations are obtained under the axisymmetric condition. The numerical results can be used to explain recent experimental results obtained by Saitoh \emph{et al}. [Proc. Natl. Acad. Sci. \textbf{95}, 1026 (1998)].

15 pages, 6 figures