Limited liability companies (LLCs) are the most popular type of company formed in the State of Oregon, and they continue to become more and more popular, while corporations become less popular. PURPOSE: a. EMC Single-member limited liability company operating agreements can be quite simple because there is just one person involved. If and when additional members are expected, the agreement should be reviewed and revised to take into account the new ownership structure of the LLC. This can be particularly useful in proving a meaningful separation between a single-member LLC and its owner for legal purposes. EMC A single member LLC operating agreement puts key information about your LLC in writing. LIMITED LIABILITY COMPANY OPERATING AGREEMENT. This Operating Agreement is used in the formation of any Limited Liability Company. You make changes to fit your needs and add description of your business. A signed copy should be kept where the company records are stored in addition to each LLC member having one as well. Step 2– Agreement – Provide an effective date for the agreement, in dd/mm/yyyy format – Enter the following: 1. A Single-Member LLC Operating Agreement, or Single-Member Limited Liability Company Operating Agreement, is a document by which a single individual, who is the only member (i.e., the only owner) of an LLC, lays down rules and operating procedures for the company. ARTICLE I Company Formation . The Operating Agreement that is provided as a generic Operating Agreement that will work for the majority of businesses. The Oregon single-member LLC operating agreement is a legal document that is specifically designed for use by a sole owner or member. /Tx BMC EMC It allows for eventual adding of new Members to LLC. Oregon Limited Liability Companies. � |�PB���E�|�b8�#�� ��_�[�����_y ��1-3�˲����٩�zA�=����t� ۪c$H�/�tAX� |�-���9����;�єB�����l.�tc؍Q7�n��1�Fk�DN�9k����x�#:Ũ�s�#g��M�%�•,�/j��W��b*Ɨ��@b�%i��P��V���%0�LB8���. Having guides and references can help you efficiently allot your time and effort when creating this document. The owner should seriously consider implementing the document to create the proper protections needed for any business owner. Step 1– After the form has been downloaded, enter the company name into the first line of the form. EMC The operation of the Company ... Oregon Single Member LLC Operating Agreement Template Author: LLCoperatingagreements.org h�bbd``b`� �@��"�X���\,�w����2�&��$X��$^�X� Ma"@v0{�-��e`�:�q�{� �X endstream endobj startxref 0 %%EOF 117 0 obj <>stream The Secretary of State website states that the document is “comparable to the bylaws of a corporation,” and the Oregon Revised Statutes Section 63.431 says it “provide[s] for the regulation and management of the affairs of the limited liability company in any manner not inconsistent with the law or the articles of organization.” In short, your operating agreement governs most aspects of your LLC’s business … ��\_�� H������7������f˴Ӵ[~c7AY�c��k��9��~D�}pm�'Ϯ/f� ;Wc�>�o�Ϟ���k�yC盟���������8�_@]��C��Q�u{���1��_ON�_�N���g����e���{/=������=,z���[���� O�-����'H3���{z?O� ������;S৘���Y>�/�!0�x*�KQ�2� aQ�;�t ���v�T�r��� VmY�]+�6��_���B#&/H�[�QK[��AQ�;��X�J�=��U7�B)��e b��z���/dY²�� A�Je�*�lV� �e�ր�f��/x��_`f��U�NӮ�;Dkު7�ŚW_a)�/����p6�+��Ϲ�$��8&��Z�r�Z@�8?�@|����4NB��ʔ`��%�_E�0�$K`0����9��|)0`Y FOR _____ A Single Member-Managed Limited Liability Company . FORMATION. Below we have a downloadable Oregon LLC operating agreement template in both Word and PDF formats. The Member has formed an Oregon Limited Liability Company named _____, LLC by filing the Articles of Organization with the office in the State of Oregon on _____, 20____. Approximately 10 pages. EMC !�a�%�� _벰�+=DX���>��s1!�02�D�Kr!ײy�����Q&�!��I8›"b�(�x�‘Ec����Yۘ���ɸ��X���Ѿ������d�ŷYPD�)+�s)�I�q��L���%ִ������.����˥���Y ��V�g�.>5�;H��p�������������J���� O�0�Ԁ��0�&Q�2a�L�&z���ֆ�����A������A?���4��m`n|��D+]]mx&̢�I����ϩ��̦�yh;6'pY��J47&�����e��� ����@'����y+d�jHL8N�1�� �''���a�s���g�� ���3�%���X��0y�n��_ƕ�����d6.%���4����c��� lF�-�S%7���S�jx6�^#�t�3Y��d�+c�� ��7/x'���P�y� Many websites trying to sell you LLC forms and services will you that if you don’t have a solid single member LLC operating agreement you’ll lose protection. EMC The State doesn’t require that any owner complete and maintains the document in order to do business in the State. The Company shall commence on the date of filing of the Articles of Organization and shall exist until the Company dissolves and its affairs are wound up in accordance with this Operating Agreement or applicable law. Single-Member – The company name and the state where the business is located. /Tx BMC © 2020 Electronic Forms LLC. /Tx BMC Create a high quality document online now! Non-U.S. residents 4. File Articles of Organization. XA-/��aLDְ&h3p��'1�����9\�`k�v�����7C�ц � :�\�.��S``8k��@v1�#�Tc`������NEB�L��.aӲX�y�RMF�{u�* 5:5� endstream endobj 74 0 obj <> endobj 75 0 obj <> endobj 76 0 obj <>/Subtype/Form/Type/XObject>>stream endstream endobj 81 0 obj <>/Subtype/Form/Type/XObject>>stream A single-member LLC operating agreement can also be referred to as a sole-member LLC operating agreement. h��W{o�6�*����DI��AS�u�8[� h���Ң�G���HJ��9)�m���x��s����Gh�� 6kJ"���8JqI�8Fħ��0�!�O�IJ(�}��h4D>.h���O e) endstream endobj 77 0 obj <>/Subtype/Form/Type/XObject>>stream All rights reserved. The Oregon single member LLC operating agreement is How to Write Step 1 – Comments comments Related posts: Oregon Multi-Member LLC Operating Agreement Alabama Multi Member LLC Operating Agreement Kentucky Single Member LLC Operating Agreement New Jersey Single Member LLC Operating Agreement Simply put, an operating agreement is a […] This document helps establish limited liability — the separation between the business and the owner’s personal assets. Required information 3. �d0�W.�����1�Úg�!aWب�v�j��ńI. Without the placement of the form, the owner could place their assets and personal financial accounts at risk, should the business face any litigation, bankruptcy or business failure, whereas, with the document in place, the owner may prove their separation between the individual and the company. That is a complete lie. endstream endobj 84 0 obj <>/Subtype/Form/Type/XObject>>stream endstream endobj 79 0 obj <>/Subtype/Form/Type/XObject>>stream endstream endobj 85 0 obj <>stream This is why setting up a Single Member LLC Operating Agreement is essential. The Agreement derives its authority from the Oregon Limited Liability Company Act. If the single-member LLC is manager-managed (which it often should be), the operating agreement defines the relationship between the member and the manager. 16+ Subcontractor Agreement Examples 12+ Lease Agreement Examples; If you are having a hard time in making an LLC operating agreement, do not hesitate to refer to our downloadable LLC operating agreement examples in PDF and DOC. We teamed up with a business attorney to develop free operating agreement templates and a customizable Operating Agreement Tool. Here are four reasons a single-member LLC need to prepare an operating agreement - and abide by it. This template assumes you're not currently seeking new members. Oregon LLC Operating Agreement Template. %PDF-1.6 %���� limited liability company managed by its members. We will show you how to complete your Operating Agreement regardless if you are a single-member LLC (with just 1 member) or if you are multi-member LLC (with 2 or more members). 1.1 . Section 1.2 – Single Member. There’s a lot that goes into starting your own business, and you need to be sure you are covered legally. 73 0 obj <> endobj 98 0 obj <>/Filter/FlateDecode/ID[<7F6FD783A065477EA99C3141B8904BDC>]/Index[73 45]/Info 72 0 R/Length 96/Prev 70479/Root 74 0 R/Size 118/Type/XRef/W[1 2 1]>>stream The purpose of the Limited Liability Company is to provide the … The Operating Agreement Describes the Organization As noted above, an operating agreement describes the operations of the LLC, listing the formation of the business and the procedures followed in the business. Our support agents are standing by to assist you. endstream endobj 82 0 obj <>/Subtype/Form/Type/XObject>>stream EMC Even single-member LLCs are well served by drafting an operating agreement to outline how their business is run.