A Tennessee limited liability company operating agreement concerns the rights and powers of a company’s business owner(s) or partners. Since this is put in writing, Tennessee LLC members will be able to refer to a consistent rulebook that shall guide them in managing their company. Furthermore, a signed and notarized document acts as a marked declaration of the company policy, tax status, and business goals. Documenting such intent can prove crucial when required to demonstrate membership powers or the status of a company.
After performing their research, meeting with the appropriate consultants, and concluding their negotiations, Tennessee business owners should execute this agreement with a notary and retain it for reference.
No. There are no state laws that require Tennessee LLCs (limited liability companies) to sign an operating agreement.
Single-Member LLC operating agreement -Developed for limited liability companies in Tennessee that have no more than one (1) member.
Multi-Member LLC operating agreement – Made for Tennessee limited liability companies consisting of two (2) or more members.