This service is available for ALL single-member LLCs as well as multi-member LLCs. One of the main reasons we recommend this service for single-member LLCs (even though it is not required) is because most banks request an operating agreement when trying to set up a business bank account.
An operating agreement is a special type of business contract that describes the operations of a limited liability company (LLC), setting forth the agreements between the members of the LLC (the owners). An operating agreement can be compared to the by-laws of a corporation.
An operating agreement sets out all the terms and conditions agreed to by the members in a limited liability company (LLC). In this document, every possible contingency is included, to protect the owners in a variety of situations.
Why does my LLC need an operating agreement?
While it's not a legal requirement in most states to have an operating agreement for an LLC it's important to protect your business. Not having an operating agreement leaves you with your state's default language that may not be what you want. For example, some states require that profits be divided equally between members. if you want a different arrangement, you must say so in your operating agreement.
Even if you are the only owner of your LLC, you need to have an operating agreement. For a single-member LLC, the operating agreement helps you keep the limited liability of an LLC because it gives more proof that you are not a sole proprietor (with no limited liability).