[NJ] [NJ] Can you help me with my operating agreement?
Hello! I was wondering if you can help me with my operating agreement.
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As a single-member LLC, you can actually amend your operating agreement at any time, since the only person who has to approve changes is you. New Jersey state law primarily requires that the changes not be unreasonable or unlawful (NJ Rev Stat § 42:2C-11(c)).
Deciding on terms for later though can make changes easier and smoother. For example, if you want to allow people to buy in, you could have terms specifying how much you'd expect, and then once there's more than one member, how voting would occur.
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New Jersey LLC Operating Agreement
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Hello! I was wondering if you can help me with my operating agreement.
Lexi, Chatbot
I understand you need help with your operating agreement. Can you please specify if you are looking to create a new operating agreement or modify an existing one?
I have a generic one eForms created, not sure if it's best for my business.
Lexi, Chatbot
Are there any specific clauses or terms in the operating agreement that you are concerned about or need assistance with?
No, not specifically—just want it to be structured correctly for an ecommerce business in my state.
Lexi, Chatbot
Is there anything else the Lawyer should know before I connect you? Rest assured they’ll be able to help with structuring your operating agreement for an ecommerce business in your state.
No, not that I can think of.
Elizabeth
Welcome and thank you for using AskaLawyer. My name is Liz and I'm the attorney who will be assisting with your legal question.
So I can best help, what type of business are you creating, an LLC or a Corp?
LLC.
Elizabeth
What state are you operating in?
NJ.
Elizabeth
Are you a single-member LLC?
Yes, as of now.
Elizabeth
Do you have terms for adding new members or expanding?
No I do not, but I would like to add those eventually. Should I just change my operating agreement at that point? Is that even possible?
Elizabeth
As a single-member LLC, you can actually amend your operating agreement at any time, since the only person who has to approve changes is you. New Jersey state law primarily requires that the changes not be unreasonable or unlawful (NJ Rev Stat § 42:2C-11(c)).
Deciding on terms for later though can make changes easier and smoother. For example, if you want to allow people to buy in, you could have terms specifying how much you'd expect, and then once there's more than one member, how voting would occur.
Ok, awesome.
Can you view the agreement eForms has created for me?
Elizabeth
Could you attach it here?
Yes, one second.
File attached (4GLMZ4P)
Elizabeth
Do you have specific concerns with it? There's nothing really wrong in a general sense.
Does this document have to be notarized? If so, does it have to be today since it’s today's date?
Elizabeth
It doesn't have to be notarized, it's also an internal document.
Got it, thank you very much for your assistance. Have a great night!
Elizabeth
You're very welcome.
Elizabeth
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