An Ohio single-member LLC operating agreement is an internal document that outlines the purpose, policies, management, and ownership of a limited liability company owned by an individual. Typically drafted and implemented shortly after the formation of an LLC, the operating agreement also establishes a legal separation between the liabilities of the company and those of the owner. In the case of bankruptcy or legal action taken against the business, the owner’s assets could be largely protected if an operating agreement is in place. While not required by Ohio state law, the document may be requested by financial institutions or potential investors seeking to vet the company.