In the corporate world, businesses consistently face economic challenges, as well as competition from other companies. Positioning your company to meet tomorrow's challenges requires sound legal planning today. Don't get caught in a contract that puts your business at a disadvantage.
An operating agreement is a contract between the members in relation to their rights and responsibilities in the operation of the LLC. Generally an operating agreement will provide important information regarding the following: Types of members, voting rights of members, powers and liability of managers, distributions, dispute resolution procedures, admission and termination of members, and transfer restrictions.
A Buy/Sell Agreement is an arrangement between members of a limited liability corporation that require one member to sell his or her LLC interest to the others and requires the others to buy it. Buy/sell agreements may be triggered by death, withdrawal, or other specified contingencies. A buy/sell agreement generally sets out the terms of the transaction including the price, method of payment, and any provisions concerning the resignation of members who hold their positions by virtue of the selling member's ownership.
Partnership agreement is a contract between the partners setting out their various rights and responsibilities. The partnership agreement may contain the rights of each partners, powers and liability of partners, how profits and losses are divided, dispute resolution procedures, and admission and termination of members. |
