Operating Agreements Lawyer in Phoenix Setting Up Your Llc for Success
You’ve decided to form an LLC for your business. Congratulations! This is a great way to protect your assets and give your business a professional look. But there’s one more important step you need to take before you can officially start operating: creating an operating agreement.
Creating an operating agreement can seem like a daunting task, but with the help of a Phoenix operating agreement lawyer, it can be relatively simple. At Resolvere Law PLLC, we have experience drafting operating agreements for LLCs of all sizes and industries. We’ll work with you to understand your business and create an agreement that meets your needs. Call us today at (480) 568-1327 to schedule a consultation.
What is an Operating Agreement?
An operating agreement is a legally binding contract between the owners of a business. The agreement sets forth the rights and responsibilities of each owner and how the business will be managed and operated.
An operating agreement is not required by law, but it is highly recommended for any business with more than one owner. Without an operating agreement, your business will be governed by state laws that may not favor your situation.
Having an outline of how your business will be run can avoid misunderstandings and disagreements down the road. It can also help you resolve disputes that may arise between owners.
What Should Be Included in My Operating Agreement?
Your operating agreement should be customized to fit the specific needs of your business. However, there are some essential elements that every operating agreement should include, such as:
- The names and contact information of all LLC members.
- A description of each member’s ownership stake in the LLC.
- The LLC’s registered agent and office address.
- The LLC’s purpose or mission statement.
- The LLC’s management structure (e.g., member-managed or manager-managed)
- The duties and responsibilities of the LLC’s members and managers (if applicable).
- The procedures for adding or removing members.
- The LLC’s fiscal year.
- Provisions for what will happen if a member dies becomes disabled or wants to leave the LLC.
It’s important to note that your operating agreement is a living document. As your business grows and changes, your operating agreement should be updated to reflect those changes.
If you need help drafting or updating your operating agreement, contact Resolvere Law PLLC. Our experienced Phoenix business attorney can help ensure that your operating agreement is tailored to fit the specific needs of your business.
How Can an Operating Agreement Protect Me?
An operating agreement is a key document for any business, but especially for LLCs. This legally binding contract outlines the ownership and management structure of your business and the rules and regulations that will govern it. An operating agreement can help protect you and your business in many ways as:
- It can help prevent misunderstandings or disputes between LLC members by clearly outlining everyone’s roles and responsibilities.
- It can help shield you from personal liability for debts or lawsuits against the LLC.
- It can help establish your LLC as a separate legal entity in the eyes of the law.
- It can protect your LLC’s tax status.
If you are forming an LLC in Arizona, it is strongly recommended that you have an operating agreement in place. At Resolvere Law, our business attorney can help you draft a custom operating agreement for your company.
Why Do I Need a Lawyer to Help With Operating Agreements?
An operating agreement is a legal document that outlines your LLC’s ownership structure and management rules. It’s not required in all states, but having one is a good idea. It can help prevent disagreements between members and establish what will happen if someone wants to leave the LLC or pass away.
A lawyer can help you draft an operating agreement that meets your detailed requirements. They can also answer any questions you have about LLCs and how they work. If there is a breach of contract, your lawyer can help you resolve the issue. Resolvere Law PLLC has extensive experience helping LLCs in the Phoenix area with their operating agreements. To speak with our lawyer, give us a call at (480) 568-1327.