An Alaska single-member LLC operating agreement is a form used by sole proprietors (single owners) to outline both the basic and in-depth details of a company. It can be completed prior to, or after a company has been filed with the Secretary of State.
The form is highly detailed, containing an abundance of clauses to ensure the LLC takes the brunt of any lawsuits and other legal issues. This essentially “shields” the owner from having a lawsuit be brought against them directly. A few of the key points covered in the form include:
- The name of the entity;
- When the company was formed;
- The company’s purpose;
- The rights and powers of the owner;
- When distributions can be taken;
- Tax and bookkeeping rules;
- and more.