Updated April 26, 2022
A New York single-member LLC operating agreement is used by someone who has a business with only one (1) person running the business. It’s not unusual for small business owners to be unaware that they must have a single member agreement in place inasmuch as, possession of this document is required by New York state law. This document is absolutely necessary to maximize the protection needed for one person, a business owner. A small business, single owner, by failing to complete this document, and having it as a part of their other business documents, could well place their business as well as their personal finances, at risk, by leaving themselves vulnerable to the liabilities and debts belonging to the business.