A New York single-member LLC operating agreement is a mandatory legal document for individual business owners, as required by state law although it is not required to be filed.
This agreement, which must be executed within 90 days of filing the Articles of Organization with the Department of State, outlines the sole member’s rights and responsibilities and the LLC’s operational aspects, including taxation, record-keeping, and dissolution procedures. The operating agreement also serves to reduce the owner’s risk of liability from company debts.
Legal Considerations
Statute: New York Limited Liability Company Law.
