A Mississippi single-member LLC operating agreement is an internal document used by the sole owner of a limited liability company to formally establish its policies, procedures, and ownership. Typically drafted following the formation of an LLC, the operating agreement also provides a legal separation between the company and the owner, offering protection for their personal assets in the event of company bankruptcy or litigation. While Mississippi does not legally require companies to implement an operating agreement, it is highly recommended not only for liability purposes but also to receive tax benefits for the business.