Description
Operating agreements for multi-member LLCs are complex documents that set the guidelines for how major decisions will be made and how disputes will be resolved among members. An optimal agreement will achieve the goals of the LLC’s members regarding, among other things, fiduciary, succession, tax, and management issues. Are you properly advising your clients on creating operating agreements that effectively anticipate and address these issues?
It is essential that operating agreements for multi-member LLCs be comprehensive, taking into account the financial, tax, and working relationships of the members in a way that addresses the specifics of the business. Join us for this 90-minute webcast that will examine the keys to negotiating, drafting, and fine-tuning LLC operating agreements, including:
- Selecting the right jurisdiction and understanding its legal implications
- Comparing written vs. oral or implied agreements – and why documentation matters
- Structuring capital contributions, commitments, and capital call provisions
- Designing effective decision-making frameworks and addressing potential deadlocks
- Crafting clear member exit and ownership transfer provisions
- Defining information and inspection rights among members
- Outlining procedures for amending the operating agreement
- Navigating entity classification and appointing the partnership representative
- Distribution schemes vs allocations: What they are and different methods for doing them
This accredited legal education program from ALI CLE is for attorneys who want a better understanding of the provisions outlined in a comprehensive multi-member LLC operating agreement.