Georgia Single Member Llc Operating Agreement Sample
When forming a single member LLC in Georgia, it`s crucial to have an operating agreement in place. An operating agreement is a legal document that outlines the rules and regulations governing the LLC`s operation. While it`s not required by Georgia law, having an operating agreement can protect the LLC`s liability status and ensure that its affairs are organized and well-managed.
To help you get started, we`ve put together a sample operating agreement for a Georgia single member LLC. This agreement is not a one-size-fits-all solution, and you may need to modify it to fit your specific circumstances. We recommend consulting with a lawyer to ensure that your operating agreement complies with Georgia law and meets your individual needs.
[Insert Your LLC`s Name] Single Member LLC Operating Agreement
Article 1: Name and Formation
1.1 Name: The name of the LLC is [Insert Your LLC`s Name], and it is a single-member limited liability company organized under the laws of the State of Georgia.
1.2 Formation: The LLC is formed on the date of filing of the Articles of Organization with the Georgia Secretary of State.
Article 2: Purpose
2.1 Purpose: The purpose of the LLC is to engage in any lawful activity for which limited liability companies may be organized in the State of Georgia.
Article 3: Management
3.1 Management: The LLC shall be managed by the sole member, [Insert Your Name], who shall have full authority to manage and control the business affairs of the LLC.
Article 4: Capital Contributions
4.1 Initial Contribution: The initial capital contribution of the single member shall be [Insert Amount] in cash and/or property.
4.2 Additional Contributions: The single member may make additional capital contributions as deemed necessary by the member.
Article 5: Distributions
5.1 Distributions: Distributions of net profits and losses shall be made to the single member in proportion to their ownership interest.
5.2 Distribution Frequency: Distributions may be made at any time as determined by the single member, but shall be made at least annually.
Article 6: Dissolution and Termination
6.1 Event of Dissolution: The LLC shall dissolve upon the occurrence of any of the following events:
a) The single member`s death, incapacity, withdrawal, or bankruptcy;
b) The entry of a judicial decree of dissolution;
c) Any other event causing dissolution under Georgia law.
6.2 Liquidation: Upon dissolution, the single member shall liquidate the LLC`s assets and distribute them in accordance with the provisions of Georgia law.
Article 7: Amendments
7.1 Amendments: This operating agreement may be amended or modified in writing by the single member at any time without the consent of any other person or entity.
In conclusion, having an operating agreement is an essential component of forming a single member LLC in Georgia. It outlines the rules and regulations governing the LLC`s operation, and can protect its liability status. While this sample operating agreement is a good starting point, it may need to be modified to fit your specific needs. We strongly recommend consulting with a lawyer to ensure that your operating agreement complies with Georgia law and meets your individual requirements.