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.
Llc Operating Agreement With S Corp Election
State:
Tennessee
Control #:
TN-00LLC-2
Format:
Word;
Rich Text
Instant download
Description
Free preview
How to fill out Tennessee Single Member Limited Liability Company LLC Operating Agreement?
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FAQ
Disregarded entities are the simplest tax classification with straightforward tax reporting. Your LLC is not taxed or required to file a tax return. Instead, the business profits and losses pass to you as the sole owner to be reported on your personal income tax return.
Instead of using an operating agreement, which is specific to an LLC, an S corporation will rely on its corporate bylaws and articles of incorporation. All states require S corporations to use articles of incorporation. However, corporate bylaws are not required in every state.
Instead of using an operating agreement, which is specific to an LLC, an S corporation will rely on its corporate bylaws and articles of incorporation. All states require S corporations to use articles of incorporation. However, corporate bylaws are not required in every state.
If you think you can benefit from the combined features of using an LLC to own and operate your small business and then having it be taxed like an S corporation, the possibility exists to establish your business as an LLC, but then make the election to have it treated as an S corporation by the IRS for tax purposes.
Similarly, corporations (S corps and C corps) are not legally required by any state to have an operating agreement.