Operating Agreement
(Manager-Managed, Single Member) (GA LLC)

Summary

This operating agreement template is for use by a Georgia limited liability company (LLC) that is manager-managed with a single member and formed pursuant to the Georgia Limited Liability Company Act (the "Act"). This template includes practical guidance, an alternate clause, an optional clause, and drafting notes. The single member in this operating agreement appoints the managers who manage the LLC's affairs. 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. For more on limited liability companies and operating agreements, see Formation and Qualification (GA LLC), Entity Maintenance and Amendments (GA LLC), and Ownership Interests (GA LLC).