An Illinois single-member LLC operating agreement is a legal document establishing the internal rules and structures of a limited liability company (LLC) with a sole owner. While not legally required in Illinois, the operating agreement allows the owner to determine the company’s own guidelines and procedures instead of having to operate under the scope of the general state laws governing LLCs. The document also helps establish the company’s legal status as a limited liability entity, thereby protecting the owner’s personal assets and liability from the company’s financial and legal obligations. It is recommended that the operating agreement is dated at the time of signing and acknowledged by a notary public.