Updated on November 2nd, 2021
A New York single-member LLC operating agreement is a legally binding document that sets forth the ownership and rules of a one (1) member LLC. The contract terms include the member’s rights, powers, and obligations, as well as the company’s taxation, record-keeping, dissolution, and LLC status. Under state law, LLCs are legally required to execute an operating agreement within ninety (90) days of filing the Articles of Organization with the Department of State. The agreement cannot become effective before this filing date. Furthermore, the agreement cannot become effective before the filing date.