Common Contracts
2 similar null contracts
DRAFTING LLC/PARTNERSHIP OPERATING AGREEMENTS, PART 1 & PART 2December 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.
PLANNING & DRAFTING LLC OPERATING AGREEMENTS, PART 1 AND PART 2July 12th, 2013
For most LLCs, the single most important document they will ever need is their operating agreement. A carefully drafted operating agreement provides a stable framework for the LLC’s members to start, grow and operate a business, and in certain instances facilitate the withdrawal of members of the ownership group. The operating agreement defines the business relationships among the members, operationally and financially, and provides for the valuation and transfer of interests. A good operating agreement saves LLC members considerable time and money in the long-run. It’s also a very complex document involving the deepest complexities of tax and business law. This program will provide you with a real-world guide to drafting and reviewing the major provisions of LLC operating agreements, including major financial and tax provisions.
