Limited Liability Companies (LLC’s) are the overwhelming business entity choice of most entrepreneurs and small businesses. There are certainly exceptions and reasons why you may want to or need to choose an alternative business entity structure, and we’ll help you to determine which is best for you. However, the LLC generally offers so many advantages over other business entity forms which is why they’re the overwhelming choice. Once you’ve determined that the LLC is the best choice of entity structure for your new business, then you will need to draft an Operating Agreement for your LLC. The Operating Agreement is the core document that will control the company and how it operates. This document is not only required, it’s critical to the future success of your business. Don’t take it lightly! A poorly drafted Operating Agreement can mean confusion and conflict between the members of the LLC, can result in paying additional unnecessary taxes, can cause disruption of the business in multiple ways, can even result in expensive and crushing litigation, and many other unpleasant things. Do not try to draft your own Operating Agreement – including copying someone else’s or downloading one off the internet! No two well drafted Operating Agreements are alike. So unless you are very experienced and skilled in drafting LLC Operating Agreements, hire someone who is! You won’t regret it! What little you think you’ll save in legal fees up front may well cost you much, much more in problems you created by allowing your company to have a poorly drafted Operating Agreement. We are experienced and skilled in drafting LLC Operating Agreements, and we will work closely with you to ensure that your company has just the right language, terms, and provisions unique to you and your partner(s) or the other members of your LLC to allow you to succeed and help protect that success. If you already have an LLC and an Operating Agreement that you’re concerned about, we’ll be happy to review it with you, and if needed, modify or amend the Operating Agreement. |
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