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re: Attn Business Owners and Lawyers - LLC Operating Agreement
Posted on 2/26/23 at 10:48 am to Twenty 49
Posted on 2/26/23 at 10:48 am to Twenty 49
quote:
Tiebreaker mechanisms, transfer restrictions, and buyout procedures/valuations provisions are some of the most important things to cover in an OA. Once things turn to crap, no one will agree on such things. Get it done while everyone is getting along.
A stalemate of 50/50 is no good, and you might not want to be partners with his widow or kids if he kicks the bucket.
This is absolutely correct. The operating agreement isn’t for right now. Hell, just do a one pager saying we’re 50/50 (or whatever).
The operating agreement is for when things go wrong, or someone wants out or has died, or otherwise isn’t happy.
Agree now on how those things will be handled.
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