After you have registered your LLC with Indiana (download “How to Start an Indiana LLC” for details), you will want to get an Operating Agreement drafted. The Operating Agreement limits your liability and protects you from legal actions taken against you personally, and often, banks will require this document to open a business account. This Operating Agreement is for Property Managers.
The owners of an LLC are called Members. And it can be managed by either the members or by Managers. For Property Management Companies, manager-managed can be beneficial for control purposes. It is ultimately controlled by what is called an Operating Agreement. This Operating Agreement discusses the procedures of how your LLC operates, who owns it, who manages it, how voting is done, how meetings are handled, tax status, etc. This document is extremely important for keeping your limited liability, especially if it just you as a single member LLC. This is because if you want a court to respect your LLC as a separate entity, you have to respect the LLC as a separate entity. That means separate bank account, contracts, and following your Operating Agreement. A single-member LLC is likely to be accused of not qualifying for limited liability, and using an operating agreement can reinforce the protections of an LLC.