Updated on November 3rd, 2021
An Illinois single-member LLC operating agreement is a document used to record the structure and policies of a limited liability company with one (1) owner. Another purpose of the document is to put forth the articles that will transfer legal responsibility from the owner onto the company, securing their assets from company debts or bankruptcy. Operating agreements are kept in the owner’s possession to produce when needed, such as during litigations or if requested by banking institutions or investors.
Completing an operating agreement is optional, but highly recommended.