The single member LLC operating agreement is designated for a one (1) owner company to help protect their entity status. The biggest benefit to forming an LLC is electing to have assets or a business located within the entity in an effort to reduce exposure to the individual’s personal assets. The operating agreement helps prove what is known as ‘entity status’ which is to be legally recognized.
- It is recommended to have the agreement notarized at the time of signature. This helps, as the form is not submitted to any government authority, to prove the agreement was made at a particular date and time.
How to Write
The entity details need to be listed in the operating agreement. The owner of the LLC should have the details with them, if not they may obtain information on file with the Secretary of State’s office.
- Name of Entity (not fictitious)
- Formation Information
- Member (Obtain from Articles of Organization)
- Place of Business
- Registered Office Address
- Registered Agent
- Member Ownership and Duties
- Business Purpose