Operating Agreements
Operating Agreements are generally entered into by Members of a limited liability company (LLC), to formalize the Members’ respective financial and managerial rights and duties, and to govern the limited liability company’s operations. The Operating Agreement typically outlines each member’s role, if any, in the management of the LLC, and each member’s respective share in the profits/losses of the LLC.
An effective Operating Agreement eliminates confusion between the limited liability company’s members with respect to each member’s role, and accordingly reduces the likelihood of litigation over potential disputes between the members of the LLC.
Our Scottsdale business attorneys help our clients draft, review, and revise Operating Agreements to assure that our clients’ best-interests are promoted and protected in the course of the business operations, and with the intention to limit the possibility of litigation as a result of potential members’ disputes with each other.
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