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


Summary

This Operating Agreement (Single Member, Member-Managed) (CA LLC) template is for use by a California limited liability company (LLC) that is member-managed with a single member. Since the company has only one member, issues relating to voting and transfers are less prominent in this agreement than clauses typically found in the operating agreement for limited liability companies with multiple members. This template includes practical guidance and drafting notes. California does not require an LLC to have a written operating agreement. Note, however, that the basic approach of the California Revised Uniform Limited Liability Company Act is to respect the contractual arrangement among members for an LLC's operation. See Cal Corp Code §§ 17701.07 and 17701.10. The Act itself provides a set of default rules where the operating agreement is silent. Great latitude is generally afforded to limited liability companies in their internal management and economic matters. A written operating ...