Operating Agreement

StoshuStoshu Posts: 3subscriber
edited June 2009 in Business Planning

Hello,
I`m forming an LLC with 2 other partners and need to set up an appointment with my attorney to develop an operating agreement.  However, I`d like to have most of the details of the agreement worked out among the partners before we meet with an attorney with their meter running.  Where can I find a list of the important points that should be covered in an operating agreement so that my partners and I can discuss each point and decide how they should be handled BEFORE we meet with the attorney?  Thanks!!

Comments

  • nevadasculnevadascul Posts: 3subscriber Member
    Here is a good starting point.  You can also go to your local library, do a Google sure for sample agreements, chamber of commerce, paralegal in your area, or the county may have a legal assistance program.
  • robertjrobertj Tampa Bay, FloridaPosts: 0subscriber Member


    Hello,I`m forming an LLC with 2 other partners and need to set up an appointment with my attorney to develop an operating agreement.  However, I`d like to have most of the details of the agreement worked out among the partners before we meet with an attorney with their meter running.  Where can I find a list of the important points that should be covered in an operating agreement so that my partners and I can discuss each point and decide how they should be handled BEFORE we meet with the attorney?  Thanks!!

    Some of the key things you should determine include:

    How the company will operate on a daily basis. ( how those day to day decisions will be made)
     How strategic decisions will be made. (typically by vote of ownership)
     How the operating results will be allocated (passed through)
    How and when funds will be distributed.
    All about the transfer of interests
    This should help you get started.
    .
  • nevadasculnevadascul Posts: 3subscriber Member
    You should also have statements specifying what will happen in the event the partnership dissolves.  In this event who will be responsible for the remaining bills  assets, etc.  Will their be a non-competition clause should you part ways.
  • patentandtrademarkpatentandtrademark Posts: 103subscriber
    discuss trademarks and intellectual property
  • StoshuStoshu Posts: 3subscriber
    Thanks so much everyone!!!  This is very helpful stuff!!!
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