Category

Operating Agreement

Anatomy of an Operating Agreement Part 3: What Do I Need in an Operating Agreement to Facilitate Turnover in Ownership?

By | LLC, Operating Agreement, Startups | No Comments

LLCs with multiple owners need to document their procedures for handling the expulsion and departure of members, as well as dissolution of the company. Without an operating agreement to define these processes, owners will be poorly able to execute these activities. Withdrawal or Death of a Member You may have…

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Anatomy of an Operating Agreement Part 2: How Do I Limit Liability in an Operating Agreement?

By | LLC, Operating Agreement, Startups | No Comments

One of the key pieces of a limited liability company, and why business owners choose to organize under such an entity, is the protection it provides to a business owner’s personal assets. Including two additional provisions, an indemnity clause and a limitation of liability, can further enhance the limited liability…

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