LLC Operating Agreement – One Owner – Taxed as S corporation

$122.22

 

This document is essential for a limited liability company (LLC).

Why do I need an Operating Agreement for my S Corporation LLC?

An Operating Agreement is an LLC’s primary governing document.  It covers in some detail how the LLC will conduct its business.  It also outlines the fundamental features of the LLC. Most importantly, it tells the world that the LLC has the requisite formality as a business entity.  

One Owner: This model document is intended for an LLC with only one  owner (member). For an LLC that has two or more owners, this model document will not be a good fit. 

If you intend to own your LLC with a family member or a business partner, that would require a different type of Operating Agreement and multi-member LLC structuring services. Should you need structuring and custom drafting for a multi-member LLC, please contact the office at [email protected].

S Corporation for Tax Purposes: From a tax perspective, this model document is intended for an LLC that has elected to be taxed as an S Corporation for tax purposes.  LLCs taxed as S Corporations files a separate business tax return (Form 1120-S).

Tax Note: Keep in mind that an LLC is taxed as a disregarded entity and its activity is reported on its owner’s individual tax return, this model document will not be a good fit.  If an LLC is taxed as a C corporation, this model document will not be a good fit. 

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