A Rhode Island single-member LLC operating agreement is a legal document that the sole owner of an LLC executes to establish the rules and framework of their company. The contract’s terms can protect the owner financially against company debts and obligations by separating their personal assets and the assets of the LLC. The agreement also defines how funds will be distributed and how the LLC will be taxed. Even though an operating agreement isn’t required by law, the owner may be required to present one when applying for a bank account or loan and when pursuing investors.