Draft LLC Operating Agreement in Delaware for Business
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LLC Operating Agreement
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LLC Operating Agreement
California
Can an LLC Operating Agreement be amended without the unanimous consent of all members?
I am one of the members of an LLC and we currently have an Operating Agreement in place, which outlines the rights, responsibilities, and decision-making process within the company. However, there is a specific provision in the agreement that requires unanimous consent from all members in order to amend the agreement. Recently, a few members have expressed interest in making some changes to the agreement, but not all members are in agreement. I would like to know if it is possible to amend the LLC Operating Agreement without the unanimous consent of all members, and if so, what are the necessary steps to do so?
Dolan W.
Hello! I'm so sorry about your situation. So generally the agreement cannot be changed without the consent of all the members. So this means that unless the members agree to make this change or unless you offer money in exchange to get them to waive this. Best of luck! Dolan
LLC Operating Agreement
California
LLC and capital structure?
I am the founder and owner of a small business that is in the process of transitioning to an LLC. I am interested in understanding the capital structure of an LLC and how it differs from that of a sole proprietorship. I am looking for advice on how to ensure that my business is properly capitalized and structured in order to maximize its potential for success.
Russell M.
Well, putting aside the very important detail that an LLC offers limitation of liability and a sole proprietorship does not, the difference between a sole proprietorship and an LLC is that you can allocate the profits to others through membership interests. This means you can bring on one or more investors and allocate the capital appreciation, profit and cash flow to the investors with the same or different terms from your interest, and that you can share profits with employees through a "profits interest". There is a great deal of flexibility that you can use through a properly drafted operating agreement.