Document background
The Single Member Manager Managed LLC Operating Agreement is a foundational document that, while based on LLC principles, needs careful adaptation for use in the Canadian legal context where LLCs are not a recognized business structure. This document is typically used when establishing a single-owner business entity that requires clear governance rules and operational procedures. It's essential for entrepreneurs and business owners who want to establish a formal structure for their business operations while maintaining sole control. The agreement covers crucial aspects including capital contributions, management rights, profit distribution, tax considerations, and dissolution procedures, all aligned with Canadian federal and provincial regulations. It's particularly important for businesses seeking to establish clear boundaries between personal and business assets, though it must be properly adapted to work within Canadian corporate or sole proprietorship frameworks.
