All Operating Agreements Are Not Created Equal
It has been stated that the limited liability company has become more popular than the corporation as the basic form of entity to do business in the United States. A critical document with any limited liability company is the operating agreement. When an operating agreement for a limited liability company fails to fully cover the six key issues described here in accordance with the understandings of the limited liability company’s members and managers and applicable law, such operating agreement is a poorly-drafted, inadequate operating agreement.
