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Single Member LLC Operating Agreement basics

Even if you operate a single member LLC, your business can benefit from an Operating Agreement. Single Member LLC Operating Agreements help you communicate how your business will operate, how it is separate from your personal finances, and how you plan to pay yourself. Potential investors will usually want to see your Operating Agreement to help them decide if they want to invest.


Use the Single Member LLC Operating Agreement document if:

  • You're forming a Single Member LLC and will be seeking funding.
  • Your state requires you to have an LLC Operating Agreement.
  • You need to define your LLC as a separate entity from yourself.
  • You want to outline how your business will operate.

Using Rocket Lawyer, you can make your Single Member LLC Operating Agreement easily online. These documents are available for any state.


Other names for Single Member LLC Operating Agreement:

Operating Agreement for Single Member LLC


Single Member LLC Operating Agreement basics

Operating Agreements of Single Member LLCs are used to define the structure of your business, to show the financial separation between you and your business, to illustrate to investors how your business operates, and to protect your business from default state laws. Even if you are the only member, you are still running a business and it will help if you can map out how your business will operate. This document can help you answer the hard questions you might not ask yourself without it.


Key provisions of a Single Member LLC Operating Agreement

Since you likely know the minute details of your business, it shouldn't be too difficult for you to create your Single Member LLC Operating Agreement. Some of the information you may be able to pull from your Business Plan if you have one.

Besides filling in your basic business details, you also need to consider:

Do you need a registered agent?
Most states require your business to have a Registered Agent. Without one, you could suffer penalties or be prohibited from doing business.

What is the purpose of your business?
This is something you likely have thought about exhaustively. If you have not composed a well-written statement about the purpose of your business, now is the time. Once it is written, you can use the statement to help you with your Business Plan and Business Proposals as well.

How will your business dissolve?
What do you want to happen if you decide to dissolve your business? You'll need to define what should happen to your business should you die or become unable to operate your business. If you have formed the business for a short-term project, you can set a time limit on how long you plan to keep the company active.

How much will you contribute to your business financially?
If you had other members, you'd outline their contributions as well. This is an important part for investors. They will want to see how much you personally invested in your company. It's also important for tax reasons to track the amount of your initial investment.

How will you get paid?
It is important to show tax agencies that your business is a separate entity from yourself. You can take an income from your business, but you will need to define how you plan on paying yourself. Are you going to take lump sums periodically? Do you plan on paying yourself a regular salary?

Will you need help from officers or managers?
Even though you are a sole member company, you can appoint others to help you. In this document, you can decide what officers you may choose to add to your business and what their duties and responsibilities will be.


It's just me, do I still need an LLC Operating Agreement?

Even though you are the only member of your Limited Liability Company, there are still three good reasons for making Operating Agreements.

  1. It shows tax agencies how you separate your personal assets and liabilities from your business.
  2. You can use an Operating Agreement to help you communicate with potential investors.
  3. Your provisions can help your business bypass default state laws.

Are Operating Agreements legally required?

There are some states that require you to have an Operating Agreement. Even if it is not legally required in your state, one major reason for having a Single Member LLC Operating Agreement is to dictate what should occur if the company needs to dissolve. In this case, you'll need to say how the company should dissolve and what is to happen with liabilities and assets should you die or become unable to run your business. It's not something most people like to think about, but it is one pivotal reason to make an Operating Agreement even if you are the only member.


What is a registered agent, and do I need one?

Most states require that every LLC have a Registered Agent to receive important legal and tax notifications. If you choose to organize your business in a state other than the one you are located in, you will generally also need a registered agent in that state. Rocket Lawyer Registered Agents are available in all 50 states.

If you have not yet formed your LLC, we can help you start an LLC.


Sample Single Member LLC Operating Agreement

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Single Member LLC Operating Agreement basics

Using Rocket Lawyer, you can make your Single Member LLC Operating Agreement easily online. These documents are available for any state.


Other names for Single Member LLC Operating Agreement:

Operating Agreement for Single Member LLC


Single Member LLC Operating Agreement basics

Operating Agreements of Single Member LLCs are used to define the structure of your business, to show the financial separation between you and your business, to illustrate to investors how your business operates, and to protect your business from default state laws. Even if you are the only member, you are still running a business and it will help if you can map out how your business will operate. This document can help you answer the hard questions you might not ask yourself without it.


Key provisions of a Single Member LLC Operating Agreement

Since you likely know the minute details of your business, it shouldn't be too difficult for you to create your Single Member LLC Operating Agreement. Some of the information you may be able to pull from your Business Plan if you have one.

Besides filling in your basic business details, you also need to consider:

Do you need a registered agent?
Most states require your business to have a Registered Agent. Without one, you could suffer penalties or be prohibited from doing business.

What is the purpose of your business?
This is something you likely have thought about exhaustively. If you have not composed a well-written statement about the purpose of your business, now is the time. Once it is written, you can use the statement to help you with your Business Plan and Business Proposals as well.

How will your business dissolve?
What do you want to happen if you decide to dissolve your business? You'll need to define what should happen to your business should you die or become unable to operate your business. If you have formed the business for a short-term project, you can set a time limit on how long you plan to keep the company active.

How much will you contribute to your business financially?
If you had other members, you'd outline their contributions as well. This is an important part for investors. They will want to see how much you personally invested in your company. It's also important for tax reasons to track the amount of your initial investment.

How will you get paid?
It is important to show tax agencies that your business is a separate entity from yourself. You can take an income from your business, but you will need to define how you plan on paying yourself. Are you going to take lump sums periodically? Do you plan on paying yourself a regular salary?

Will you need help from officers or managers?
Even though you are a sole member company, you can appoint others to help you. In this document, you can decide what officers you may choose to add to your business and what their duties and responsibilities will be.


It's just me, do I still need an LLC Operating Agreement?

Even though you are the only member of your Limited Liability Company, there are still three good reasons for making Operating Agreements.

  1. It shows tax agencies how you separate your personal assets and liabilities from your business.
  2. You can use an Operating Agreement to help you communicate with potential investors.
  3. Your provisions can help your business bypass default state laws.

Are Operating Agreements legally required?

There are some states that require you to have an Operating Agreement. Even if it is not legally required in your state, one major reason for having a Single Member LLC Operating Agreement is to dictate what should occur if the company needs to dissolve. In this case, you'll need to say how the company should dissolve and what is to happen with liabilities and assets should you die or become unable to run your business. It's not something most people like to think about, but it is one pivotal reason to make an Operating Agreement even if you are the only member.


What is a registered agent, and do I need one?

Most states require that every LLC have a Registered Agent to receive important legal and tax notifications. If you choose to organize your business in a state other than the one you are located in, you will generally also need a registered agent in that state. Rocket Lawyer Registered Agents are available in all 50 states.

If you have not yet formed your LLC, we can help you start an LLC.

Use the Single Member LLC Operating Agreement document if:
  • You're forming a Single Member LLC and will be seeking funding.
  • Your state requires you to have an LLC Operating Agreement.
  • You need to define your LLC as a separate entity from yourself.
  • You want to outline how your business will operate.
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