This template Operating Agreement is for a single member limited liability company formed under the New Jersey Revised Uniform Limited Liability Act (2012) that will be taxed as a disregarded entity under the Internal Revenue Code. This template contains practical guidance, drafting notes, and an alternate clause. This template is intended to be used where a limited liability company has elected to be managed by managers, rather that its members. Management by a manager may be desirable if a single member limited liability company will be managed by several individuals or by a different business entity. This template should not be used, or will need to be substantially revised, for a limited liability company with multiple members, because it does not provide for the allocation of tax items, transfer provisions, buy-sell provisions, or similar types of provisions that typically would govern the relationship between LLC members. For related content see Limited Liability Company Resource ...