A West Virginia single-member LLC operating agreement is an essential document for a sole business owner, as it structures their limited liability company’s internal workings. This agreement includes key elements, including the company’s structure, dissolution policies, profit allocation, recordkeeping, and the owner’s rights and responsibilities.
While this agreement isn’t a legal prerequisite for registering your entity in the state, it offers important benefits. For example, it separates the entity from the owner, protecting the owner’s personal assets if legal disputes arise. It also lets financial institutions verify who owns the entity when the owner wants to open bank accounts and seek investments.