A Georgia limited liability company operating agreement should be used by all LLCs regardless of the number of members that make up the company. Naturally, each such agreement should be reviewed and tailored to a company’s needs and industry before it can be issued and then signed. For example, a multi-member agreement would require that membership power levels be clearly defined. In contrast, a sole member agreement would set its only member with one hundred percent of the membership powers available.
Georgia will honor and enforce both types of agreements so long as their content is legal; therefore, any member that intends to sign an LLC’s operating agreement (or contract) should consult with a professional before committing his or her binding signature.
Is it Required in Georgia?
No. Georgia does not require an operating agreement to be placed at the formation of or during the lifespan of a limited liability company.
Templates (2)
Single-Member LLC Operating Agreement – For limited liability companies made up of one (1) member only.
Multi-Member LLC Operating Agreement – For limited liability companies made up of at least two (2) members.
State Definition
(18) “‘Operating agreement’ means any agreement, written or oral, of the member or members as to the conduct of the business and affairs of a limited liability company. In the case of a limited liability company with only one member, a writing signed by that member stating that it is intended to be a written operating agreement shall constitute a written operating agreement and shall not be unenforceable by reason of there being only one person who is a party to the operating agreement. A limited liability company is not required to execute its operating agreement and, except as otherwise provided in the operating agreement, is bound by its operating agreement whether or not the limited liability company executes the operating agreement. An operating agreement may provide enforceable rights to any person, including a person who is not a party to the operating agreement, to the extent set forth therein.”
