A West Virginia single-member LLC operating agreement is a form used to draft provisions that govern the internal operations of a limited liability company with one (1) owner. These provisions cover such matters as the structure of the entity, the member’s rights and duties, financial and tax matters, and what will happen when the company is dissolved. There are a number of benefits to creating a single-member LLC operating agreement, even though it is not a required document to legally register the entity.
Having this agreement in place will allow the LLC to open bank accounts, as most institutions will ask to review it to confirm ownership. Another benefit of this document is the member’s personal assets will be protected in the event of a lawsuit, as the operating agreement confirms that the entity exists and should be seen as separate from the owner (unlike a sole proprietorship).