A Minnesota single-member LLC operating agreement details a limited liability company’s internal workings and business affairs with just one owner. This agreement helps to keep the owner’s personal assets separate from the company’s debts, outlines the duties and rights of managers, determines authorized personnel, and establishes tax treatment.
Although it is not mandatory according to state law, it is highly recommended for LLC owners to create one. Doing so allows the owner to run their business as they see fit while limiting their personal financial liability.
Statute: § 322C.0111 (Subd. 3)