Updated on November 3rd, 2021
A Utah single-member LLC operating agreement sets forth the governance of the internal affairs of a single-member LLC as they pertain to the relationship between the member and their entity. Even though there is only one (1) member associated with the company, it’s helpful to have an operating agreement in writing to accomplish certain business tasks.
Banks, insurance agencies, and other institutions may ask to see a LLCs operating agreement to open an account or do business with them. Furthermore, if a legal or financial dispute were to arise, the operating agreement proves ownership and also shows that the owner’s personal assets are not at all associated with the entity’s finances.