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Operating Agreement Checklist

…consider: LLC Operating Agreement Checklist The American Bar Association has published a 120-page long operating agreement checklist. The following checklist is therefore not completely comprehensive but addresses most of the…

Small Business Horror Story #1: Shady Partner + Generic Operating Agreement = Disaster

…later, I made a more urgent request to see the operating agreement, and I requested the operating agreement every few days for the next two months with no response. A…

Small Business Horror Story #7: Pre-Packaged Operating Agreements

operating agreements provide that a new member can’t be added without unanimous consent of the existing members. When I reviewed the operating agreement, I wanted to see something, ANYTHING, restricting…

Why You REALLY Need an Operating Agreement

…to split up, the sad statistics say otherwise. Protect your interests and your sanity by implementing the business version of a pre-nuptial agreement – an operating agreement or shareholder agreement….

Small Business Horror Story #2: No Operating Agreement and the “Eraser”

…to sign an agreement prohibiting them from speaking with her. Without an operating agreement, nothing technically prevented Joe from doing all these things, even though Jane was an active member…

Member Managed vs Manager Managed LLCs

…discretion to run the company any way they see fit, restricted only by terms outlined in an operating agreement. For Member-Managed LLCs with no Operating Agreement, the members can do…

Small Business Horror Story #3: If You Don’t Listen to Your Gut, at Least Listen to Your Lawyer

…heard a peep from the attorney they hired and paid handsomely to prepare the operating agreement. Without an operating agreement, it is difficult if not impossible to prove any promises…

Why Owning a Business 50/50 is a BAD Idea

…other. But Gina, we’re one step ahead of you – we have an operating agreement. Oh yeah? Does your operating agreement have a deadlock provision? No? So when you and…

Healthy Conversations to Have with Your Partner

No, we haven’t taken a hard left and turned this into a relationship blog. Well, at least not that kind of relationship. I recently prepared an Operating Agreement for a…

Buy/Sell Agreements: A Business Valuation Perspective

…investment in an organized and prescribed manner. Think of the Buy/Sell Agreement as a prenuptial between business partners. Buy/Sell Agreements address certain triggering events such as death, divorce and the…

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