Updated November 23, 2021
A Utah single-member LLC operating agreement is a legal document that is for use, specifically by companies that have only one (1) managing member. The owner would use the document to establish the various aspects of the company’s policies and procedures.
Although it will not be a requirement of the state that the company implements the document in order to do business in the state, the owner should consider the completion and filing of this document. Without the implementation of the document, the owner is risking the placement of their private assets in a vulnerable position, especially if the company is presented with litigious claims against them in the event of any type of business failure. Once the document is completed and filed with the state, the owner’s assets will become immediately protected. The business will remain liable for claims brought against the company. The completed form will also provide beneficial tax options.