HOW SHOULD AN LLC OPERATING AGREEMENT DIFFER FOR SINGLE MEMBER LLCS VERSUS MULTI MEMBER LLCs?

By John Kiritsis, Esq., CPA, MBA, MS, JD, LL.M

Kiritsis Law Group

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An LLC operating agreement for a single member LLC should primarily address the management and control of the business, allocation of profits and losses, dissolution procedures, and any other provisions that are specific to the single owner's wishes for the operation of the business.

 

In contrast, a multi-member LLC operating agreement should include provisions for the distribution of profits and losses, voting rights and management responsibilities of each member, admission of new members, and the process for resolving disputes among members. The operating agreement for a multi-member LLC is critical in ensuring the smooth operation of the business and resolving disputes that may arise among members. It should set out clear guidelines and decision-making processes to ensure that the business runs efficiently and that each member's rights and responsibilities are clearly defined.

Sources:

New York Business Corporation Law

New York Limited Liability Company

New York General Obligations Law

NYS Office of Professions

U.S. Constitution

 

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