What is an Operating Agreement? An Operating Agreement is a contract between the members of an LLC which serves as the LLC’s governing document. The Operating Agreement outlines voting and ownership percentages, delegates authority to specific managers or members, and determines how distributions of profits and losses, and transfers of interest may occur, among other…
Part 5 To read Part 1, click here. To read Part 2, click here. To read Part 3, click here. To read Part 4, click here. Disclaimer: This blog post focuses on North Carolina law and follows the NC Secretary of State rules. We cannot speak nor advise you on what other states’ rules and…
So, I got this question late last week and advised a client appropriately, but perhaps it is worth a bit more discussion / generalization. Sorry this post turned out longer than most, but it is all important stuff. So here goes: You may have seen my article earlier on LLC v Inc, and that is…