Document background
The LLC Operating Agreement for Single Member LLC, adapted for Canadian jurisdiction, is a crucial document for entrepreneurs establishing a single-shareholder corporation in Canada. While Canada doesn't have the LLC structure common in the US, this agreement serves similar purposes within the Canadian corporate framework. It's essential when establishing a sole-owned incorporated business, providing structure for corporate governance, defining operational procedures, and establishing clear guidelines for business management. The document includes provisions for capital contributions, management responsibilities, financial operations, profit distribution, and succession planning. It's particularly valuable for protecting personal assets, establishing business legitimacy, and creating a foundation for potential future growth. The agreement must comply with both federal and provincial corporate laws and should be customized to the specific province of incorporation.
