Real Estate
Operating Agreement
New York
What should be included in an operating agreement for a small business?
I am in the process of starting a small business with a partner and we are looking to draft an operating agreement. We want to ensure that all important aspects of our business are covered in this agreement, such as ownership percentages, decision-making processes, profit distribution, and dispute resolution mechanisms. We are seeking guidance on what specific clauses and provisions should be included in the operating agreement to protect our interests and ensure a smooth operation of the business.
1 Attorney answer
Answer
Real Estate
New York
Arthur S.
ContractsCounsel verified
LLC Operating Agreements are comprehensive in nature. You have identified several important provisions. Some other provisions that may be considered are capital contribution obligations, Buy/Sell provisions (including Impasse Buy/Sell), financing guarantee obligations, (if any), assignability provisions, tax allocation provisions, SPE provisions, governing law provisions, etc. The list is numerous and much depends on the nature and scope of the business and specific needs of the parties. I have participated in CLE lectures on this subject.
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