Operating Agreement
(Single Member, Member-Managed) (DE LLC)


Summary

This form Operating Agreement (Single Member, Member-Managed) (DE LLC) may be used for a limited liability company formed under Delaware law. This form includes practical guidance and drafting notes.Because the LLC has only one member, issues relating to voting and transfers are less prominent in this agreement than the provisions typically found in the limited liability company agreement for a multiple member LLC. Counsel should note that great latitude is generally afforded to limited liability companies in terms of economic, voting and tax matters and, accordingly, careful consideration should be given to the particular needs of a given enterprise. Counsel is also advised to consult with the LLC’s tax and/or accounting service providers to ensure the tax and accounting provisions are appropriate for the LLC.This form has been updated as needed to reflect the revised Internal Revenue Code provisions governing IRS tax audits of partnerships and other entities taxed as partnerships; ...