An Indiana single-member LLC operating agreement relays the provisions that of a newly formed limited liability company that will govern its activities and framework and indemnify the owner from company debt or liabilities. While an operating agreement is not the document used to register with the Secretary of State, it provides a blueprint for the relationship between owner and company, clearly defining the business structure for financial, tax, and legal authorities. The form may also be requested if the owner is seeking loans or investments to substantiate the company’s methods of operations and legal status.
LLCs may choose not to execute an operating agreement and conduct business as is. This will oblige the company to follow the default state regulations for LLCs, which may limit the owner’s authority when structuring and managing their company.