My Bank Allows To Let Me Transfer Deed To LLC But...
I contacted my bank re: transfer title to an LLC that I just formed. I was very happy that they would allow this without triggering the DOS clause. They sent me a letter with their requirments and basically everything is straightforward. Among the things requested is an Operating Agreement.
I am the only member of the LLC and my state does not require me to have an OA for sole members. Correct me if I'm wrong, but isn't the main reason for creating the agreement to begin with is so that all members are aware of the purpose/objectives of the LLC? Being the only member, wouldn't the OA be pointless?
Either way, my bank will not waive this requirement. It just feels like a waste of money for me to hire an atty to draft a document which is just "for show." (Yes I know, it's not a waste if it would save me thousands of dollars in the long run, but you know what I mean).
Does anyone have a sample Operating Agreement that they will be willing to share with me (esp. for NY)?
Thanks in advance.[ Edited by aurera on Date 02/12/2004 ]
After further research, I found out that an Operating Agreement IS important for a one-member LLC as it keeps it from looking like a sole-proprietorship.
You can look on Google and find lots of sample OA's you can adapt for your one man LLC...not brain surgery (or even heavy lifting) to use the free forms you find and re-write for your own LLC.