The Single Person LLC Operating Agreement is the most important document a solo person LLC can have. In fact, it’s something I require all of my clients to have- and many states do as well.
This document will prove that your business is in fact a business, and that it should be treated separately from your personal assets. The operating agreement is the document that governs the LLC, and is something you will typically need when opening a business bank account.
In order to protect your status as a business, and ensure that your business isn’t governed by default state laws you probably didn’t even know existed, an operating agreement is an essential document for your business.
WHAT DOES THIS TEMPLATE COVER?
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The name of the company, the date is is formed, and which states Limited Liability Company Act it is governed by
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The purpose of the company, it’s address and principal place of business
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What capital contributions were made, and how much
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How future contributions, interest, profit and losses and distributions will be handled
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How the LLC will be managed, and the allocation of votes
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How new members may be added to the LLC
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The duties of members, including duties of care, good faith, and loyalty
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How books, records and accounting will be handled
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Policy around dissolution of the LLC
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Who is required to give consent of any amendments to the operating agreement
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General legal provisions including: Indemnification, entire agreement, governing law, severability, notices, no waiver, and counterparts
NOTE BEFORE YOU PURCHASE
This template is additionally available at The Creative Law Shop®, our contract shop for online business owners. At The Creative Law Shop®, you'll find more than 85 attorney-drafted contracts, peer-reviewed by industry professionals.
Why purchase here versus at The Creative Law Shop®? It's entirely up to you! The document listed here is the exact same as that available at The Creative Law Shop®. The only difference? At The Creative Law Shop®, we offer lifetime updates (currently not available at Fairway Stables), and host periodic sales.