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A Single-Member LLC Operating Agreement, or Single-Member Limited Liability Company Operating Agreement, is a document by which a single individual, who is the only member (i.e., the only owner) of an LLC, lays down rules and operating procedures for the company.
A Single-Member LLC Operating Agreement is much like a traditional LLC Operating Agreement, except this document is drafted for the very specific case where there is just one member. Here, details on the day-to-day business of the LLC will be included, as well as identifying information for the member. There is also a section describing how new members may join in the future, if desired.
This document is different from an Articles of Organization document, as there, the member is giving the state filing information about the new company. A Single-Member LLC Operating Agreement is not filed with the state and is instead just a document for the company's operation, drafted by the sole member.
How to use this document
Whenever an individual decides to create an LLC, they would first start by drafting Articles of Organization for their LLC to be filed with the state. After that, a Single-Member LLC Operating Agreement would be the best choice to define the rules and methods of business for the LLC.
Please be advised this document can't be used for a multi-member LLC (an LLC with more than one member). It should only be used in an LLC with just one member (a single-member LLC). If a multi-member LLC wants to draft an operating agreement, it should use LLC Operating Agreement.
This LLC Operating Agreement will help the sole member compile all the information needed to ensure a well-drafted, comprehensive document governing the business and the LLC's life.
In this document, identifying details of the LLC, as well as the LLC member, will be entered, such as name and address. Then several questions will be asked generally to determine how the LLC will run.
When this document is filled out, it is a good idea to have it printed and signed by the member.
Limited Liability Companies are subject to the laws of individual states. There is no one federal law covering the requirements for a Single-Member LLC Operating Agreement. This is because each individual state governs the businesses formed within that state. Only a handful of states require an LLC Operating Agreement for registered LLCs: Delaware, California, Maine, Missouri, and New York. Of these, only New York requires a written agreement.
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