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A single-member operating agreement is a document written for a limited liability company (LLC) with only one (1) owner. The form is to be used to help solidify the LLC’s status as a separate entity from the owner’s personal assets. The owner’s role in the company, as well as any officer(s), registered agent, manager(s), and any other positions, should be listed. Once completed, the document should be held at the principal place of business and is not filed with any government office.
A multiple-member operating agreement is designated for companies (LLCs) that have more than one (1) owner. It is highly recommended, as it is the only written document that designates the owners of a company and what percentage of it they own (LLCs are not owned by shares like corporations and are described as a percentage). The form should be signed in front of a notary public with copies given to all members with at least one (1) original to remain at the company’s principal office address (usually not filed with the Secretary of State or any government agency).