An Arizona single-member LLC operating agreement is a contract that sets forth the rules and procedures a business owner must follow as it relates to managing and operating their limited liability company. Arizona law does not require LLCs to draft an operating agreement, although the contract is highly beneficial and should be executed nonetheless. Without an agreement in place, the LLC might be mistaken as a sole proprietorship, potentially leaving the owner liable for the company’s financial obligations.
Operating agreements needn’t be filed with any state agency; they are internal documents maintained at the company’s registered office. In some cases, money lenders may wish to review the agreement before investing in the company financially.