Oregon Single Member Limited Liability Company LLC Operating Agreement
Understanding this form
The Single Member Limited Liability Company (LLC) Operating Agreement is a legal document designed for an LLC that has only one member. This form outlines how the business will operate, the rights and responsibilities of the sole member, and how the LLC may admit additional members in the future. Unlike multi-member agreements, this document tailors the governance and operational details specifically for single-member LLCs while allowing for future expansion if desired.
Key components of this form
- Formation details, including the LLC's name and registered office.
- Provisions for initial and additional member contributions.
- Management structure, outlining the management authority and decision-making processes.
- Distribution of profits and losses among members.
- Procedures for membership termination and dissociation events.
- Dissolution process outlining how the LLC will wind up its affairs.
When this form is needed
This form should be used when establishing a new single-member LLC in Oregon. It is ideal for entrepreneurs who want to protect their personal assets while operating a business. Additionally, this agreement is useful when the member wishes to formalize plans for adding new members in the future or when clarity on business operations and management responsibilities is needed.
Who can use this document
- New business owners starting a single-member LLC.
- Entrepreneurs looking to protect their personal assets through an LLC structure.
- Single members who anticipate adding partners or members in the future.
- Individuals who want to clarify the rules and expectations regarding their business operations.
How to complete this form
- Identify the LLC's name and initial member's information.
- Specify the registered office address and the registered agent.
- Detail the initial member's cash contributions and any expected additional contributions.
- Outline provisions for profit distribution and management authority.
- Incorporate any specific rules for adding future members and how decisions will be made.
Is notarization required?
Notarization is generally not required for this form. However, certain states or situations might demand it. You can complete notarization online through US Legal Forms, powered by Notarize, using a verified video call available anytime.
Get your form ready online
Our built-in tools help you complete, sign, share, and store your documents in one place.
Make edits, fill in missing information, and update formatting in US Legal Forms—just like you would in MS Word.
Download a copy, print it, send it by email, or mail it via USPS—whatever works best for your next step.
Sign and collect signatures with our SignNow integration. Send to multiple recipients, set reminders, and more. Go Premium to unlock E-Sign.
If this form requires notarization, complete it online through a secure video call—no need to meet a notary in person or wait for an appointment.
We protect your documents and personal data by following strict security and privacy standards.
Make edits, fill in missing information, and update formatting in US Legal Forms—just like you would in MS Word.
Download a copy, print it, send it by email, or mail it via USPS—whatever works best for your next step.
Sign and collect signatures with our SignNow integration. Send to multiple recipients, set reminders, and more. Go Premium to unlock E-Sign.
If this form requires notarization, complete it online through a secure video call—no need to meet a notary in person or wait for an appointment.
We protect your documents and personal data by following strict security and privacy standards.
Common mistakes to avoid
- Failing to specify the business purpose of the LLC.
- Not clearly defining the management authority or decision-making process.
- Overlooking the details about admitting new members.
- Neglecting to ensure that all required fields are completed accurately.
Benefits of using this form online
- Convenient access to a professionally drafted agreement that meets legal standards.
- Editable templates allow for customization to meet individual business needs.
- Immediate download enables quick setup of LLC operations without delays.
- Reliable guidance provided through user-friendly instructions during the completion process.
Looking for another form?
Form popularity
FAQ
Unlike the articles of organization, an operating agreement generally is not required in order to form an SMLLC, nor is it filed with the state. Instead, an operating agreement is optionalthough recommended. If you choose to have one, you'll keep it on file at your business's official location.
Every Oregon LLC owner should have an operating agreement in place to protect the operations of their business. While not legally required by the state, having an operating agreement will set clear rules and expectations for your LLC while establishing your credibility as a legal entity.
The core elements of an LLC operating agreement include provisions relating to equity structure (contributions, capital accounts, allocations of profits, losses and distributions), management, voting, limitation on liability and indemnification, books and records, anti-dilution protections, if any, restrictions on
Every member of the LLC and the manager or managers (if there are any) need to sign the operating agreement. Each signatory should sign a separate signature page.Learn how to properly sign business documents on your state's LLC formation page.
An operating agreement is a key document used by LLCs because it outlines the business' financial and functional decisions including rules, regulations and provisions. The purpose of the document is to govern the internal operations of the business in a way that suits the specific needs of the business owners.
An LLC Operating Agreement is Not Compulsory, but it is Highly Recommended. An LLC operating agreement is not necessarily compulsory, although this depends on the state where your business is based. You could get into a lot of unnecessary strife if situations change in your LLC.
There is no legal requirement that an Operating Agreement be notarized in California.
Member Financial Interest. What percentage ownership does each member have? Corporate Governance. Corporate Officer's Power and Compensation. Non-Compete. Books and Records Audit. Arbitration/Forum Selection. Departure of Members. Fiduciary duties.
