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

Summary

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 its member, rather than managers. 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 transfer provisions, buy-sell provisions, or similar types of provisions that typically would govern the relationship between LLC members. For additional guidance on New Jersey LLCs, see Formation and Qualification (NJ LLC), Ownership Interests (NJ LLC), and Management and Indemnification (NJ LLC).