Single-Member LLC Operating Agreement
Form for a Member-Managed LLC
Take control of your single-member, member-managed limited liability company (LLC) with our comprehensive and customizable operating agreement template. Our expertly crafted template ensures that your LLC is compliant with all legal requirements while providing a solid foundation for your business operations.
| Premium Template Single-use Template |
Legal GPS Pro Unlimited Access, Best Value |
|
|
|
$35
|
$39/ month
|
| Buy Template | Explore Legal GPS Pro |
| Trusted by 1000+ businesses | |
Document Preview
To get started, simply purchase the template and download it to your device. You can then customize it according to your business requirements. Our template includes the following important sections:
- Company Formation: Establishes the name, purpose, and duration of your LLC, along with its principal place of business.
- Management and Voting Structure: Defines the member's decision-making authority and responsibilities.
- Capital Contributions: Details the initial contributions made by the member and the process for making additional contributions in the future.
- Distributions: Defines how profits and losses will be allocated and distributed to the member.
- Books, Records, and Tax Matters: Describes the record-keeping requirements and tax-related obligations.
- Dissolution: Describes the process and conditions for dissolving the LLC, including the distribution of assets and liabilities.
- Miscellaneous Provisions: Includes provisions for dispute resolution, amendments, and governing law.
Some of the benefits of using this single-member, manager-managed operating agreement include:
- The agreement is customizable to fit your unique business needs
- Easy-to-follow, step-by-step instructions
- Compliant with state laws and regulations
- Professionally drafted by legal experts
- Saves time and reduces potential legal disputes
- Protects your personal assets by solidifying the LLC structure
| Premium Template Single-use Template |
Legal GPS Pro Unlimited Access, Best Value |
|
|
|
$35
|
$39/ month
|
| Buy Template | Explore Legal GPS Pro |
| Trusted by 1000+ businesses | |
Not sure if you need an Operating Agreement? Learn why these agreements are important -- especially for single-member LLCs.
This LLC operating agreement template is for a single-member, member-managed LLC. Here is a list of other operating agreement templates we offer:
- Single-Member LLC Operating Agreement (manager-managed)
- Single-Member LLC Operating Agreement (manager-managed; S Corp)
- Single-Member LLC Operating Agreement (member-managed, S Corp)
- Multi-Member LLC Operating Agreement (member-managed)
- Multi-Member LLC Operating Agreement (member-managed; S Corp)
Why Choose Legal GPS for your Legal Contract Templates?
At Legal GPS, we are committed to providing high-quality, legally compliant contract templates that save you time, money, and stress. Our team of legal experts and industry professionals work diligently to ensure our templates are up-to-date with the latest legal requirements while remaining user-friendly and easily customizable. We offer a 30-day money-back guarantee if you aren't satisfied.
Frequently Asked Questions
Why do I need an operating agreement for a single-member LLC?
It provides legal documentation that you are operating your business as a separate entity, which can be critical for protecting your personal assets from business liabilities. It also clarifies the rules and structure of your business for legal or financial entities.
What should be included in a single-member LLC operating agreement?
The agreement should cover the LLC's name and purpose, the member's contributions, how profits and losses will be handled, management structure, and any rules for changes or dissolution of the LLC.
Is an operating agreement required for a single-member LLC?
This depends on the state. While not all states require an operating agreement for single-member LLCs, it is highly recommended to have one for legal protection and operational clarity.
How does an operating agreement protect me if I’m the only member?
It formalizes the separation between your personal and business finances and liabilities, helps establish your LLC as a legitimate business entity for banks and creditors, and can offer documentation of your business structure in legal situations.
Does an operating agreement need to be filed with the state?
Typically, no. Operating agreements are internal documents that you should keep with your business records. However, some states might require you to have one on file or present it upon request.
Can I change my operating agreement?
Yes, you can amend your operating agreement as your business grows or changes. It's important to have a process for amendments outlined within the agreement itself.
What happens if I don’t have an operating agreement for my single-member LLC?
Without an operating agreement, your LLC may be governed by the default state laws, which might not be in your best interest. It could also make it harder to prove the separation between your personal and business assets.
How does an operating agreement affect taxes for a single-member LLC?
The operating agreement itself doesn’t directly affect taxes, but it reinforces your LLC’s structure. Single-member LLCs are typically taxed as sole proprietorships by default, with the option to elect corporate taxation.