The Single Owner LLC Operating Agreement is a foundational document required when establishing a single-member Limited Liability Company in New Zealand. This document is essential for entrepreneurs and business owners who wish to operate under a limited liability structure while maintaining sole ownership. It complies with the Companies Act 1993 and other relevant New Zealand legislation, providing a comprehensive framework for company governance, management, and operations. The agreement typically includes provisions for capital contributions, profit distributions, management structure, succession planning, and dissolution procedures. It serves as both a legal requirement and a practical guide for business operations, protecting the owner's interests while ensuring proper corporate governance and compliance with New Zealand law.
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1. Parties: Identifies the single member/owner and the LLC entity
2. Background: Outlines the context of forming the LLC and its intended purpose
3. Definitions: Defines key terms used throughout the agreement
4. Formation and Name: Details of company formation, registered name, and registration requirements
5. Purpose and Powers: States the LLC's business purpose and its operational powers
6. Capital Contributions: Specifies initial and any additional capital contributions by the owner
7. Management Structure: Outlines management responsibilities and decision-making authority
8. Financial Affairs: Covers accounting practices, fiscal year, banking, and financial records
9. Distributions: Details how and when profit distributions will be made
10. Tax Matters: Addresses tax elections, returns, and compliance requirements
11. Transfer Restrictions: Rules regarding transfer of ownership interests
12. Dissolution: Procedures for winding up the LLC
13. General Provisions: Standard clauses including governing law, amendments, and notices
1. Intellectual Property: Required when the LLC owns or develops significant IP assets
2. Employment Matters: Include when the LLC plans to hire employees
3. Insurance Requirements: Specific insurance obligations beyond standard coverage
4. Succession Planning: Detailed provisions for business continuation upon owner's death or incapacity
5. Confidentiality: Additional confidentiality provisions beyond standard terms
6. Dispute Resolution: Specific procedures for handling disputes, including mediation or arbitration
7. Foreign Operations: Include if business will operate internationally
8. Environmental Compliance: Required for businesses with environmental impacts
1. Schedule 1: Company Details: Contains registered office, business address, and registration details
2. Schedule 2: Initial Capital Contribution: Details of initial capital investment and asset valuations
3. Schedule 3: Business Plan: Initial business plan and strategic objectives
4. Schedule 4: Management Procedures: Detailed operational procedures and policies
5. Schedule 5: Asset Register: List of company assets and their status
6. Appendix A: Specimen Signatures: Authorized signatures for banking and legal documents
7. Appendix B: Required Forms: Standard forms for company administration
8. Appendix C: Compliance Checklist: List of regulatory compliance requirements
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