The Alaska single member operating agreement is meant for sole owners of an LLC that is located and registered with the Secretary of State. The basis for having an operating agreement, even though the company is owned by one (1) person, is to protect their entity status if ever questioned by a third (3rd) party or government authorities.
The main purpose of an entity, such as a limited liability company, is to protect one’s assets and isolate legal and financial exposure to one’s valuables by shielding the ownership. If an LLC is being sued or liable for payment, the requesting party may seek to see if the entity is valid by reviewing their operating agreement, Employment Identification Number, and any other information being asked. As long as all these items are accounted for, the owner should have no problem proving their entity Status. When filling out the operating agreement, the member should fill in all available LLC information including obtaining information on file with the Secretary of State’s database which includes;
- Entity Name
- Entity Number
- Entity Type
It is best to have the operating agreement notarized to prove the date and time of it’s existence. After completing, the operating agreement does not need to be filed with any governmental authority but kept in a safe and accessible place.
The members of a limited liability company may adopt an operating agreement for the company and may amend and repeal the agreement. The articles of organization may restrict or eliminate the power of the members to adopt, amend, or repeal an operating agreement.