A South Carolina limited liability company operating agreement grants its members the comfort of working under a structure they have negotiated and agreed to. Since this contract intends to keep a consistent definition of the requirements and responsibilities of each LLC member over time, it should be written and notarized when signed.
South Carolina does not require a written (or a verbal) operating agreement and leaves it up to the company’s members to determine whether one should be issued. Nonetheless, South Carolina LLC members would be well-advised to create and implement a reasonably comprehensive operating agreement as early as possible.
No. South Carolina law does not impose any requirements on LLCs to create an operating agreement but will enforce one as a binding contract.
Single-Member LLC operating agreement – To be utilized by a South Carolina LLC consisting of a maximum of one (1) member.
Multi-Member LLC operating agreement – To be used by South Carolina LLCs made up of at least two (2) members.
“(13) ‘Operating agreement’ means the agreement under Section 33-44-103 concerning the relations among the members, managers, and limited liability company. The term includes amendments to the agreement.”