The Overland Park Kansas Single Member Limited Liability Company (LLC) Operating Agreement is a legal document that outlines the internal structure, rules, and regulations established for a single-member LLC based in Overland Park, Kansas. This agreement serves as a crucial framework for the LLC's operations, financial decisions, and management. Key elements found in the Overland Park Kansas Single Member LLC Operating Agreement include: 1. Formation: This section details the LLC's formation, including the LLC's name, the member's name and address, the effective date of the agreement, and the purpose of the LLC. 2. Term and Dissolution: The operating agreement specifies the duration of the LLC, whether it is perpetual or has a set term. Additionally, it outlines the circumstances under which the LLC may dissolve or terminate. 3. Capital Contributions: This section explains the member's initial investment in the LLC, which can be in the form of cash, property, or services. It defines the ownership percentages, capital accounts, and the member's share of the profits and losses. 4. Management and Decision-Making: It outlines how the LLC will be managed, whether by the member directly or through appointing a manager. This section also defines decision-making processes and voting rights if multiple members are added in the future. 5. Allocations and Distributions: The agreement specifies how the LLC's profits and losses will be allocated among the members. It also outlines the procedure for distributing profits and the criteria for determining distributions. 6. Transfer and Withdrawal: This section details the conditions and restrictions on transferring ownership interests, as well as the process for a member's voluntary or involuntary withdrawal from the LLC. Different types of Overland Park Kansas Single Member LLC Operating Agreements can include variations depending on the specific needs and requirements of the business. For example: 1. Single-Member Managed Operating Agreement: This agreement specifies that the member will directly manage the LLC's operations. 2. Single-Member Manager-Managed Operating Agreement: This type of agreement designates a manager, who may or may not be the member, to oversee the LLC's day-to-day affairs. 3. Customized Operating Agreement: Some single-member LCS may require customizations to address unique circumstances or specific provisions tailored to their business needs. It is important to consult with an experienced business attorney when drafting an Overland Park Kansas Single Member LLC Operating Agreement to ensure compliance with applicable state laws and to address any specific requirements or preferences of the LLC and its member.
Para su conveniencia, debajo del texto en español le brindamos la versión completa de este formulario en inglés. For your convenience, the complete English version of this form is attached below the Spanish version.