Tennessee Single Member Limited Liability Company LLC Operating Agreement
What this document covers
The Single Member Limited Liability Company LLC Operating Agreement is a document that outlines the management structure, operational guidelines, and ownership interests of a single-member LLC. This form differentiates itself from multi-member agreements by addressing scenarios relevant only to one-member entities, providing a foundation for individual business management while allowing for potential future additions of new members.
What’s included in this form
- Formation details, including the name and registered office of the LLC.
- Provisions for admitting additional members in the future with approval from the initial member.
- Management structure, assigning decision-making authority to the initial member.
- Financial contributions, profit distribution, and handling of losses among members.
- Voting rights and procedures for member decision-making.
When to use this form
This form is useful when starting a limited liability company owned by a single individual in Tennessee. It establishes clear operating procedures, member responsibilities, and guidelines for when and how to add members in the future, making it essential for anyone looking to formalize their business arrangement.
Who needs this form
- Individuals who are the sole owners of an LLC.
- Entrepreneurs looking to clarify management roles and business structure.
- Business owners planning to add members to their LLC in the future.
- Those wanting to ensure compliance with Tennessee laws regarding LLC operations.
Instructions for completing this form
- Identify the legal name of the LLC and its registered office.
- Designate the initial member's name and outline their authority.
- Detail the business purpose and operations for the LLC.
- Specify initial and additional contributions of the member(s).
- Complete any sections regarding the addition of future members and their voting rights.
Notarization guidance
Notarization is not commonly needed for this form. However, certain documents or local rules may make it necessary. Our notarization service, powered by Notarize, allows you to finalize it securely online anytime, day or night.
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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.
Avoid these common issues
- Failing to update the agreement when new members are added.
- Not clearly defining the business purpose of the LLC.
- Neglecting to record member contributions properly.
Why use this form online
- Easy access to legal forms that can be downloaded and customized.
- Time-saving features that allow for immediate completion and filing.
- Reliability from forms drafted by licensed attorneys, ensuring legal compliance.
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FAQ
It can secure your liability protection. Even if an operating agreement isn't required in your state, running your company without an operating agreement could jeopardize your LLC status.In order to keep this liability protection, you need to keep your business affairs and personal affairs separate.
Most states do not require LLCs to have this document, so many LLCs choose not to draft one. While it may not be a requirement to have an operating agreement, it's actually in the best interest of an LLC to draft one.
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.
If there is no operating agreement, you and the co-owners will not be suitably equipped to reach any settlements concerning misunderstandings over management and finances. Worse still, your LLC will be required to follow any of your state's default operating conditions.
An operating agreement is a document which describes the operations of the LLC and sets forth the agreements between the members (owners) of the business. All LLC's with two or more members should have an operating agreement. This document is not required for an LLC, but it's a good idea in any case.
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.
The single-member LLC articles of organization is a document that you need to file with the state when forming your LLC. LLC stands for limited liability company, and it is a business structure that state law allows you to form.A single-member LLC has special consideration, however, since it is a one-owner company.
An operating agreement is mandatory as per laws in only 5 states: California, Delaware, Maine, Missouri, and New York. LLCs operating without an operating agreement are governed by the state's default rules contained in the relevant statute and developed through state court decisions.
Although an Operating Agreement is not required by TN statute, all LLCs should have one, especially multi-member LLCs. The Operating Agreement is a contract between/among the members of the LLC that lays out the rights and obligations of the members with respect to the LLC.
