Tennessee LLC Operating Agreement Template – Free PDF & Member-Managed

Looking to form a Tennessee LLC? A member-managed operating agreement is a crucial document to ensure smooth business operations. Check out our free PDF template to get started.

 

 

Understanding Tennessee LLC Operating Agreements

An LLC Operating Agreement is a crucial document that outlines the internal workings of your Tennessee LLC. It specifies how your company will be run, the roles and responsibilities of Members and Managers, and what will happen in case of disputes or dissolution. It’s not required by law to have one, but it’s strongly recommended.

If you’re a single-member LLC, you can use an Operating Agreement template to create a document that meets your specific needs. For multi-member LLCs, it’s best to consult an attorney to ensure that the agreement reflects the company’s structure and its members’ needs.

The Operating Agreement should cover important topics such as member contributions, voting rights, profit and loss allocation, management structure, and dispute resolution. Once you’ve created an Operating Agreement, make sure to keep it up to date and store it with your important business paperwork.

Importance of Having an LLC Operating Agreement in Tennessee

An LLC Operating Agreement is crucial for businesses operating in Tennessee. This agreement outlines the rules and regulations for the company’s operations, including tax considerations, names of members, and company assets. By filing the Tennessee Articles of Organization, you create an entity that is separate from its owners, which provides important advantages such as limited liability. The Operating Agreement template, available for free in PDF format, can be used for single-member LLCs or multi-member operating agreements. It is important to have a registered agent and to follow the steps outlined in the TN Code for a successful filing.

 

Create your LLC Corporation with just 3 easy steps

 

Ownership and Voting Rights in a Tennessee LLC Operating Agreement

Ownership	Voting Rights
LLC members own a percentage of the company based on their contributions to the business.	Each member has one vote per ownership percentage.
Ownership can be transferred with the approval of a majority of members.	Decisions are made by a majority vote of the members.
Single-member LLCs have sole ownership and control.	The single member has full voting rights.
Non-voting members do not have ownership or voting rights.	Voting members make all decisions for the LLC.

llc operating agreement tennessee”>

Powers and Duties of Members and Managers in a Tennessee LLC Operating Agreement

Members of a Tennessee LLC have the power to manage the entity and make important business decisions. Managers, on the other hand, are responsible for overseeing company operations and ensuring compliance with the Tennessee LLC Operating Agreement and TN Code. Both members and managers have a fiduciary duty to act in the best interest of the company and its owners. Duties may include signing contracts, managing assets, and addressing any legal issues. The Operating Agreement should outline the responsibilities of each position and the order in which decisions are made. It’s important to note that a single-member LLC can be managed by the sole member, while a multi-member LLC may have designated Managers. The Registered Agent should be listed in the Operating Agreement to ensure proper communication and paperwork is received.

Updating and Revising Your Tennessee LLC Operating Agreement

Updating and revising your Tennessee LLC operating agreement is an important step for your business. LLC operating agreements help establish rules and guidelines for your company operations, which can prevent disputes and legal issues down the line. To update your agreement, you will need to follow certain steps, including reviewing and amending the existing agreement and getting signatures from all LLC members. It’s important to ensure that your updated agreement reflects any changes in your business, such as new tax considerations or additional members. If you need help with this process, resources like Northwest or ZenBusiness Inc. offer operating agreement templates in various formats, including free PDFs for single-member and multi-member LLCs.