Single-Owner LLC with Opportunity for Additional Owners Operating Agreement
Description
This is a template for an operating agreement for a single-member limited liability company (“LLC”) that leaves open the possibility of taking on additional owners (also known as “members” or “owners”). It is a basic operating agreement for a small business with one owner, that may expand to include additional owners, and it contemplates that all the business’s owners will be involved in management and oversight.
If you have an LLC, you should have an operating agreement. This document helps you establish the business as separate from yourself for liability purposes. It also makes clear the decision making and other important business processes.
If your business falls under the definition of a restricted professional LLC in Pennsylvania, you should speak with an attorney about any additional edits that may be required.
Includes
- Introductory page with key considerations and tips on how to get the most out of the template
-Contract template with comment n boxes that explain the intricacies of a member-managed LLC operating agreement and clauses that account for ownership percentages, decision making and compensation, member rights, adding and removing members, and other essential governing issues!
Example Uses
-A small consulting business with an owner that formed an LLC, but may bring on additional partners to the business in the future.
-An advertising company with one owner that formed an LLC, but may bring on additional partners to the business in the future.
Disclaimer
This template was drafted by a Pennsylvania licensed attorney under Pennsylvania laws. It may be used by individuals in other states but if you are located in another state, it may be beneficial to speak to an attorney licensed in your state for any specific considerations. Templates do not constitute specific legal advice or create an attorney-client relationship. If you have specific questions about how you should use the resource or about your unique situation, please speak with an attorney.
