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Single Owner LLC Operating Agreement

Single Owner LLC Operating Agreement Template for India

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Key Requirements PROMPT example:

Single Owner LLC Operating Agreement

"I need a Single Owner LLC Operating Agreement for my technology consulting business in Bangalore, with specific provisions for intellectual property protection and the option to add a nominee member by January 2025."

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Document background
The Single Owner LLC Operating Agreement serves as the primary governing document for One Person Companies (OPCs) in India, providing a comprehensive framework for business operations and governance. This document is essential when establishing a single-member limited liability company under Indian law, particularly following the provisions of the Companies Act 2013. It becomes necessary when an entrepreneur wants to establish a formal business structure with limited liability protection while maintaining sole ownership. The agreement covers crucial aspects including capital structure, management rights, profit distribution, compliance requirements, and succession planning through nominee members. It's particularly relevant for entrepreneurs seeking to formalize their business operations while maintaining complete control and ensuring compliance with Indian regulatory requirements.
Suggested Sections

1. Parties: Identifies the sole member/owner and the LLC entity

2. Background: Explains the context and purpose of forming the single-member LLC

3. Definitions: Defines key terms used throughout the agreement

4. Formation and Name: Details of LLC formation, registered name, and compliance with OPC requirements

5. Registered Office: Specification of the company's registered office address

6. Business Purpose: Detailed description of the LLC's business activities and objectives

7. Capital Contribution: Details of initial and any subsequent capital contributions by the sole member

8. Ownership and Management: Establishes the owner's rights and management structure

9. Powers and Duties: Outlines the powers and responsibilities of the sole member and any appointed managers

10. Financial Affairs: Procedures for maintaining financial records, accounts, and banking arrangements

11. Tax Matters: Guidelines for tax compliance and handling tax-related decisions

12. Distributions: Rules governing profit distributions and drawings by the sole member

13. Records and Reporting: Requirements for maintaining company records and statutory compliance

14. Indemnification: Provisions for indemnifying the owner and officers

15. Dissolution: Procedures for winding up the LLC and asset distribution

16. Governing Law: Specifies Indian law as governing law and jurisdiction

Optional Sections

1. Nominee Member: Details of a nominee member as required by Indian law, used when wanting to designate a successor

2. Intellectual Property Rights: Specific provisions for IP ownership and management, used when the business involves significant IP assets

3. Employment Matters: Guidelines for employment relationships, used when the LLC plans to have employees

4. Digital Operations: Provisions for online business operations, used for e-commerce or digital services

5. Foreign Investment: Compliance with FEMA regulations, used when foreign investment is involved

6. Branch Offices: Provisions for establishing and managing branch offices, used when business expansion is planned

7. Borrowing Powers: Specific provisions regarding taking loans and creating charges, used when business financing is anticipated

8. Arbitration: Detailed dispute resolution procedures, used when preferring arbitration over court proceedings

Suggested Schedules

1. Schedule A - Capital Contribution Details: Detailed breakdown of initial and subsequent capital contributions

2. Schedule B - Business Plan: Initial business plan and operational strategy

3. Schedule C - Asset Register: List of company assets and their current values

4. Schedule D - Nominee Member Details: Information about the nominee member if appointed

5. Schedule E - Compliance Calendar: Schedule of statutory compliance requirements and deadlines

6. Appendix 1 - Company Forms: Standard forms for company operations and record-keeping

7. Appendix 2 - Banking Resolution: Standard banking resolutions and authorized signatory details

8. Appendix 3 - Power of Attorney: Format for delegating specific powers to appointed representatives

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant legal definitions
Act
Agreement
Articles of Association
Business
Business Day
Capital Account
Capital Contribution
Company
Companies Act
Confidential Information
Director
Distribution
Effective Date
Financial Year
Fiscal Year
Governing Law
Indian GAAP
Intellectual Property Rights
LLC
Member
Memorandum of Association
Nominee Director
Nominee Member
One Person Company
Operating Expenses
Registered Office
Registrar of Companies
Relative
ROC
Sole Member
Tax
Tax Year
Territory
Transfer
Voting Rights
Clauses
Formation and Structure
Company Name and Office
Business Purpose
Term and Duration
Capital Contribution
Additional Capital
Ownership Interest
Management Rights
Operational Control
Banking Operations
Financial Records
Capital Accounts
Profit Distribution
Tax Matters
Nominee Member Provisions
Transfer Restrictions
Succession Planning
Compliance Requirements
Record Keeping
Confidentiality
Intellectual Property
Non-Competition
Indemnification
Insurance
Amendment Procedures
Dissolution
Winding Up
Governing Law
Dispute Resolution
Force Majeure
Notices
Severability
Entire Agreement
Relevant Industries

Technology and Software

Professional Services

Retail and E-commerce

Manufacturing

Consulting

Real Estate

Healthcare Services

Financial Services

Education and Training

Creative Industries

Import/Export

Construction

Hospitality

Relevant Teams

Legal

Corporate Secretarial

Finance

Compliance

Tax

Corporate Governance

Business Development

Risk Management

Relevant Roles

Entrepreneur

Business Owner

Managing Director

CEO

Company Secretary

Legal Counsel

Corporate Lawyer

Business Consultant

Chief Financial Officer

Compliance Officer

Tax Advisor

Business Development Manager

Sole Proprietor

Startup Founder

Industries
Companies Act, 2013: Primary legislation governing company formation, operation, and management in India. Contains specific provisions for One Person Companies (OPCs) and their requirements.
Companies (Incorporation) Rules, 2014: Detailed rules regarding company incorporation procedures, documentation requirements, and compliance obligations specific to OPCs.
Foreign Exchange Management Act (FEMA), 1999: Regulates foreign investment in Indian companies and cross-border transactions, relevant if there's any foreign investment component.
Income Tax Act, 1961: Governs taxation of company income, profit distribution, and related compliance requirements.
Goods and Services Tax (GST) Laws: Regulates indirect taxation applicable to the company's operations and transactions.
Limited Liability Partnership Act, 2008: While not directly applicable, provides reference framework for understanding liability protection in limited liability business structures.
Information Technology Act, 2000: Relevant for digital record-keeping, electronic signatures, and online business operations.
Indian Contract Act, 1872: Fundamental law governing contractual relationships and agreements in India.
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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