Operating Agreement of a Manager Managed Limited Liability Company with a Single Member

• Category: Limited Liability Company - Operating Agreements
• State: Multi-State
• Control #: US-1341054BG
• Format: Word; Rich Text

Description Single Member Manager Managed Llc Operating Agreement

An operating agreement is the governing contract adopted by members of a Limited Liability Company (LLC). It lays out the business's course and helps operations and management become more organized. It can be used to regulate nearly all aspects of the LLC's affairs, including how the business is managed, how assets are used, and how revenues are shared. It is similar to articles of incorporation, which control the operations of a corporation.

An Operating Agreement of a Manager Managed Limited Liability Company with a Single Member (also known as an "MM LLC") is a legal document that outlines the terms and conditions between the manager and the single member of a Limited Liability Company. The agreement typically outlines the duties of the manager, how decisions will be made, how profits and losses will be distributed, and how the single member can exit the business. It also includes a dispute resolution clause and specific information about the manager's authority and indemnity. There are three different types of Operating Agreement of a Manager Managed Limited Liability Company with a Single Member: Traditional Operating Agreement, Customized Operating Agreement, and Template Operating Agreement. The Traditional Operating Agreement is designed to address all the needs of the single member and is usually drafted by an attorney. The Customized Operating Agreement is tailored to meet the specific needs of the single member and can be created by either an attorney or the single member. The Template Operating Agreement is a pre-made agreement that can be used as a starting point for creating an Operating Agreement for the MM LLC.