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Operating Agreement

 
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Stoshu

posts: 11

Jun 12, 2009 11:51 AM ET    Quote  Report Abuse
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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!!

nevadascul

posts: 651

Jun 12, 2009 10:11 PM ET    Quote  Report Abuse
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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.


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The older we get, the more excuses we make for not chasing after our dreams. But truth is, goals are attainable at any age.
robertj

posts: 1458

Jun 13, 2009 10:35 AM ET    Quote  Report Abuse
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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:

  1. How the company will operate on a daily basis. ( how those day to day decisions will be made)
  2.  How strategic decisions will be made. (typically by vote of ownership)
  3.  How the operating results will be allocated (passed through)
  4. How and when funds will be distributed.
  5. All about the transfer of interests

This should help you get started.

.



-------------------------

Business Growth Masters, LLC -
Capital Catalysts for Entrepreneurs
Home of the Scalable Business Plan and QuikStart Capital Programs
http://www.bizgrowthmasters.com
info@bizgrowthmasters.com


nevadascul

posts: 651

Jun 13, 2009 6:25 PM ET    Quote  Report Abuse
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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.



-------------------------

The older we get, the more excuses we make for not chasing after our dreams. But truth is, goals are attainable at any age.
patentandtrademark

posts: 1332

Jun 15, 2009 6:12 PM ET    Quote  Report Abuse
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discuss trademarks and intellectual property

-------------------------

James Lindon, Ph.D. Patent Attorney
Lindon & Lindon, LLC
Cleveland, Ohio
Patents, Trademarks, Copyrights, Pharmacy Law, Litigation
[this is not legal advice - provided for discussion only]
Intellectual Property for the Individual and Small Business: Identify, Protect, Enforce, Defend.
"Fools rush in where angels fear to tread."
http://www.LindonLaw.com
Stoshu

posts: 11

Jun 16, 2009 10:02 AM ET    Quote  Report Abuse
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Thanks so much everyone!!!  This is very helpful stuff!!!
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