A single member LLC is a company that only has one owner, or ‘Member’. The main reason to write this agreement is to solidify the LLC’s entity status and to show as many documents as possible in the chance the entity status is questioned. This agreement helps to make sure that any and all personal assets the member may have are shielded from the LLC’s liabilities.
"Operating agreement" means the agreement under Section 15-5 concerning the relations among the members, managers, and limited liability company. The term "operating agreement" includes amendments to the agreement.
How to Write
To find information for filling-in the operating agreement, a user may go to the Illinois Secretary of State Business Database. The fields below describe fields to be filled-in the operating agreement:
- Business Purpose
- Place of Business
- Registered Office Name and Address
- Initial Members
After the form is completed it is highly recommended to have signed in front of a notary public. Do not send this form to the Secretary of State, it is to be kept for record-keeping.