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This document is an operating agreement for a single-member limited liability company (LLC) formed in the state of North Carolina. It outlines the formation, purposes, powers, financial contributions, rights, obligations, and limitations of the member, as well as provisions for dissolution and indemnification.

How to fill out single-member operating agreement

How to fill out single-member operating agreement

1. Title the document as 'Single-Member Operating Agreement'.
2. Include the name and address of the single member.
3. State the purpose of the LLC.
4. Specify the management structure, confirming that the single member manages the LLC.
5. Outline the initial capital contributions made by the member.
6. Detail how profits and losses will be distributed.
7. Include provisions for adding new members or transferring ownership, if applicable.
8. Include a section on amendments to the agreement.
9. State the duration of the LLC, indicating if it is perpetual.
10. Add a signature line for the single member to sign and date the document.

Who needs single-member operating agreement?

1. An individual who owns a single-member LLC (Limited Liability Company).
2. Entrepreneurs looking to formalize their business structure.
3. Business owners who want to distinguish personal and business liabilities.
4. Individuals seeking clarity on management and operational procedures.

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What is single-member operating agreement?

A single-member operating agreement is a legal document that outlines the ownership and operating procedures of a single-member limited liability company (LLC). It establishes the member's rights and responsibilities and serves as an internal document.

Who is required to file single-member operating agreement?

Generally, a single-member LLC is not required by law to file an operating agreement with the state; however, it is highly recommended to create one for internal purposes and clarity.

How to fill out single-member operating agreement?

To fill out a single-member operating agreement, include the LLC’s name, the member's name, the purpose of the business, management structure, profit distribution, and any additional provisions that govern the operation of the LLC.

What is the purpose of single-member operating agreement?

The purpose of a single-member operating agreement is to provide a clear outline of the LLC’s operations, protect the member’s limited liability status, and to clarify the roles and rights of the owner.

What information must be reported on single-member operating agreement?

The information that must be reported includes the name of the LLC, the name of the sole member, business purpose, duration of the LLC, management structure, and procedures for amending the agreement.