An operating agreement is a legal document that outlines the ownership interests and duties of members of limited liability companies (LLCs) and cannot be used in connection with any other type of business entity. It also defines the company’s management structure, describes how the company’s profits/losses are allocated and distributed, and sets out the terms of engagement for the company’s members.
You may be thinking, but it’s just me why do I need one of these? Even as a single member LLC, it’s important to establish rules of government for your business or else you will be subject to the default laws that govern LLCs in your state. You may also need an operating agreement for proof of ownership when opening a business bank account or purchasing real estate. Regardless of why you may need one, this single member operating agreement includes everything you and your business needs to properly establish the rules of government for your LLC.
More About This Template…
This template was drafted by a licensed, experienced business law attorney and reviewed for correctness by a law professor. So trust us, you’re in good hands! This template is easy-to-read and ready-to-use. All you have to do is download and fill in the blanks. But, if you still need some guidance on how to complete the template, we have included drafting notes and comments in the document to help guide you as you navigate the template.
- Delivered in both MS Word and PDF Formats
- Document is 7-pages in length (including a “Certificate of Formation” establishing adoption of the operating agreement by the member )
- Compatible with both PC and Mac
- Available for download on desktop and mobile
- Comes with a “draft” version complete with drafting tips and notes
- Easily customizable with your brand colors and logo
- Ready for upload into any electronic signature platform
This template includes the following:
- A provision that sets forth the general information about the company including the company’s , manager, registered agent, principal address and purpose
- A clause detailing how additional members (owners) may be added to the company
- A clause that explains how the sole member will receive distributions (payment) from the company
- A provision that requires the member to establish a bank account for the business and in the name of the business
- Rules for dissolving and winding up the business of the company if the member wishes to discontinue business operations
- Some other legal stuff that makes this agreement super legit
Who should use this template?
- Single member limited liability company owners
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