Updated November 22, 2021
A Kansas single-member LLC operating agreement is a legal document that is designed specifically for a sole proprietor, whereas the single owner of a business will have the ability to set forth their company policies, procedures as well, the recording of their daily activities related to the business.
The state of Kansas doesn’t require that any company file this information with the state, however, without the establishment of the document within the business’ records offers much-needed protection for the company. If this document is not on file with the company, should the business ever face any degree of litigation, the individual will risk their personal financial accounts as well as any other personal assets, inasmuch as the owner will be liable for business debts on a personal level. The business will also deny any opportunity for tax benefits that will be available to them, as long as the document is in place.
The owner should take the time to review the entire document prior to completion and application of signature. If the owner is not certain that they fully understand the document, they should then consider an attorney/client consultation for assistance. This document will require notarization, therefore, the member must only sign in the presence of a Notary Public and must be completed by the notary, so that the document may be recognized as effective.