A Pennsylvania single-member LLC operating agreement is a non-mandatory legal contract for entities with one owner designed to delineate the business’s policies, operational procedures, and the separation between the owner and the company.
While the state doesn’t require this document for conducting business, its absence could expose the owner to personal asset liquidation in legal disputes or bankruptcy. The agreement specifies the LLC’s structure, purpose, financial handling, and protocols for dissolution or sale. It is crucial for financial activities like banking and securing loans and reinforces the owner’s liability protection.
Statute: Pennsylvania Limited Liability Companies.