You are in business to make money – this section explains how and when you get your money. Profits and losses are valued and allocated annually. After paying expenses and commitments, you can make distributions at any time. If your business or membership participation is liquidated, distributions are followed by cash settlements. An LLC member business agreement describes the purpose, finances, and operation of an LLC with an owner. This document helps to establish limited liability – the separation between the business and the owner`s personal wealth. Limited liability companies with a single member, registered in California, New York, Missouri, Maine and Delaware, require an LLC corporate agreement. Although this is not necessary in other countries, it is strongly recommended to establish a company agreement when setting up your SMLLC.