oboloo Glossary

LLC Single Member Operating Agreement

oboloo Glossary

LLC Single Member Operating Agreement

A Limited Liability Company (LLC) Single Member Operating Agreement is a legal document that outlines the ownership, management, and operations of an LLC with a single member. It provides protection for the single member from personal liability for business debts or obligations, and establishes rules and regulations for how the LLC will be run and managed. This agreement should include details such as company name and address, total contributions of each member, duties of members and managers, taxation information, and dispute resolution or arbitration clauses. By creating a comprehensive Single Member Operating Agreement, you can ensure complete protection for all parties involved.