A North Carolina single-member LLC operating agreement is a contract that the sole member of a limited liability company creates to set out the rules and structure of their business. One of the main purposes of the document is to protect the member’s personal assets from liability if the LLC becomes the subject of legal action. Creating an agreement also allows the member to establish protocols for the member’s incapacity or the company’s dissolution. Although an operating agreement is not legally required when creating an LLC, it may be needed when applying for bank accounts, loans, and when conducting business.