Operating Agreement (Single Member, Member-Managed) (DE LLC)
Summary
This template operating agreement is for use by a Delaware limited liability company (LLC) that is member-managed with a single member and formed pursuant to the Delaware Limited Liability Act (the Act). This template contains practical guidance and drafting notes. Under the Act, a member or members of a Delaware LLC are permitted to enter into an operating agreement regulating the affairs of the LLC and the conduct of its business. The single member in this operating agreement manages the LLC's affairs without a separate manager or set of managers. Because the LLC has only one member, issues relating to voting, a tax matters member/partnership representative, and transfers are less prominent in this operating agreement than they would be in an operating agreement for a multiple-member entity. If an additional member or members are admitted, an amended and restated operating agreement should be prepared that addresses the issues that arise in a multiple-member LLC, including management ...