Operating Agreement (Manager-Managed, Single Member) (LLC)
Summary
This template operating agreement may be used for a manager-managed, single member limited liability company (LLC). This template contemplates a management structure that is generally separate from the ownership of the company except with respect to extraordinary matters. This template includes practical guidance, drafting notes, and an alternate clause. Notwithstanding the significant and important role an operating agreement can play in the management and operation of an LLC, very few jurisdictions mandate the adoption of an operating agreement. See the image below to see which states mandate the adoption of an operating agreement. Visualization of the Map of States Requiring Operating Agreements Source: Operating Agreement and Initial Filing Requirements State Law Survey (LLC), Current as of 06/10/2022 Operating agreements may be written or verbal, and while most jurisdictions allow either, some jurisdictions require operating agreements be in writing. See the image below to see ...