Operating Agreement
(Single Member, Manager-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 and optional clause. This template is intended to be used where a limited liability company has elected to be managed by managers, rather than its member. Management by a manager may be desirable if a single member limited liability company will be managed by several individuals or by a different business entity. 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 the allocation of tax items, transfer provisions, buy-sell provisions, or similar types of provisions that typically would govern the relationship between LLC members. For related content see Limited Liability Company Resource Kit (NJ) and Formation and Qualification (NJ LLC).