Common Contracts
1 similar Operating Agreement contracts
DRAFTING LLC/PARTNERSHIP OPERATING AGREEMENTS, PART 1 & PART 2Operating Agreement • December 5th, 2014
For most LLCs and partnerships, the single most important document they will ever need is their operating agreement. These are complicated documents governing current and future contributions, management rights of members or the authority of managers, distribution rights and policies, and ultimately “exit” rights. These interlocking provisions also have substantial tax implications that do not always flow logically from the entity’s financial results. Operating agreements can also modify the very important (but often overlooked) fiduciary duties of LLC members. Careful planning and drafting is required to ensure the parties get the benefit of their bargain and there are no adverse tax consequences. This program will provide you with a drafter’s guide to the most important provisions of LLC and partnership operating agreements.
