The Single Member LLC Operating Agreement is a crucial document for entrepreneurs and business owners operating as single-member LLCs in the United States. This agreement serves multiple essential purposes: it establishes the LLC's governance structure, protects the owner's limited liability status, and provides clear guidelines for business operations. While not all states legally require single-member LLCs to have operating agreements, having one is strongly recommended as it helps maintain the separation between personal and business assets, provides clarity in business operations, and can be required by banks, lenders, or other business partners. The agreement typically includes provisions for capital contributions, profit distributions, tax treatment, succession planning, and dissolution procedures, all while complying with relevant state LLC laws and federal regulations.
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1. Parties: Identifies the Single Member (owner) and the LLC as parties to the agreement
2. Background: States the purpose of forming the LLC and the intent to govern its operations through this agreement
3. Definitions: Defines key terms used throughout the agreement
4. Formation: Details about LLC formation, including state of organization, registered agent, and purpose
5. Capital Contributions: Specifies initial and any additional capital contributions by the member
6. Management: Establishes management structure and member's authority as sole decision-maker
7. Distributions: Outlines policies for distributing profits and losses
8. Tax Matters: Addresses tax treatment, classifications, and related responsibilities
9. Books and Records: Requirements for maintaining financial records and documentation
10. Transfer Restrictions: Rules regarding transfer of membership interest
11. Dissolution: Circumstances and procedures for LLC dissolution
12. General Provisions: Standard legal provisions including governing law, amendments, and notices
1. Banking Matters: Specific provisions about banking arrangements and authorized signatories
2. Succession Planning: Provisions for transfer of ownership upon death or incapacity
3. Employment of Member: Terms regarding member's employment by the LLC
4. Intellectual Property: Provisions regarding ownership and protection of IP assets
5. Confidentiality: Provisions protecting company's confidential information
6. Insurance: Requirements for maintaining various types of insurance
7. Alternative Dispute Resolution: Procedures for resolving disputes through mediation or arbitration
1. Schedule A - Initial Capital Contributions: Detailed list of initial capital contributions including cash, property, or services
2. Schedule B - Member Information: Detailed information about the member including contact details and tax information
3. Schedule C - Company Property: Inventory of LLC's major assets and property
4. Appendix 1 - Form of Banking Resolution: Template resolution for establishing banking relationships
5. Appendix 2 - Certificate of Formation: Copy of filed certificate of formation
6. Appendix 3 - Tax Elections: Copies of tax classification elections and related forms
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