Updated November 23, 2021
A Tennessee single-member LLC operating agreement is a legal document that is provided specifically for use by a sole proprietor who would like to establish the policies, procedures, daily activities among other aspects of their company. The document will also provide protection over the personal financial accounts and assets belonging, privately, to the owner. Although the completion of this document is not a requirement, owners should absolutely consider its implementation. Should the owner find they are presented with legal claims against their company, as long as the document is in place, the owner will not be held liable to satisfy claims, with private assets. The document will also provide tax benefits that are only available with the filing of the document.
The owner should take the time to review the entire document. Should the owner be unclear with regard to the wording of the form, they may wish to consult with an attorney for further assistance.