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a single-member llc is a company that has one (1) owner and is commonly created for tax planning and to separate the owner from the assets and/or liability placed in the llc. in most states, the process is as follows: search the name of the llc in the state business database. the main difference is with an llc the owner is free of personal liability due to the company acting as a “shield” from legal and financial liability to the owner. a single-member llc can pay rent to the owner if, for example, the owner is also the landlord.

an operating agreement is similar to the bylaws that guide a corporation’s board of directors and a partnership agreement. an operating agreement that is not in writing won’t help you if you are audited by the state or are involved in a lawsuit. the most important reason to form a solo business owner to form an llc rather than operating as a sole proprietor is to protect the owner from personal liability from business activities. your operating agreement should include a clause stipulating who will manage the llc if you are unable to do so. if an llc has no operating agreement, it is subject to the “default rules” of the state in which the llc is organized.

i’ll admit that it does seem strange at first to have to create an operating agreement and articles of organization when you’re the sole owner of your startup. the first is your articles of organization, which needs to be filed with the state where your business is formed in order for your business to be legit. in researching your state’s requirements you might even discover that you’re not legally required to have an operating agreement for your llc. this is crucial to understand, as it’s the primary main reason that your single-member llc needs an operating agreement.