This Operating Agreement is for a Limited Liability Company with only one Member. This form may be perfect for an LLC started by one person. You make changes to fit your needs and add description of your business. Approximately 10 pages. It allows for eventual adding of new Members to LLC.
Limited Liability Company File With Shares
State:
Tennessee
Control #:
TN-00LLC-2
Format:
Word;
Rich Text
Instant download
Description
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How to fill out Tennessee Single Member Limited Liability Company LLC Operating Agreement?
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FAQ
The IRS rules restrict S corporation ownership, but not that of limited liability companies. IRS restrictions include the following: LLCs can have an unlimited number of members; S corps can have no more than 100 shareholders (owners).
Each member has a claim to business assets and a portion of the LLC's profits. Ownership interests in an LLC-structured business do not receive shares. The percentage and membership units give them the right to share in the profits of the business and the right to vote on business matters.
A limited liability company (LLC) is a business entity type that can have more than one owner. These owners are referred to as ?members? and can include individuals, corporations, other LLCs, and foreign entities.
Divide ownership of the LLC by calculating total cash investment by the members. Give each member an ownership stake equal to his cash investment. Four members contributing $25,000 apiece would each receive a 25 percent stake in the company.
A limited liability company (LLC) cannot issue shares of stock. An LLC is a business entity structured to have either a single or multiple owners, who are referred to as the LLC's members.