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Operating Agreement Playbook

Operating agreements for limited liability companies and partnerships offer substantial flexibility combining the liability protection of a corporation with favorable tax treatment.  Additionally, operating agreements better document private agreements between organizations, supplement or alter the default rules set out in LLC or similar state statutes and define management structure, profits allocation and distribution, and other rights of the members

Issue & Concept List
  • Holding Company vs. Operating Company
  • Capital and Profits Interests
  • Capital Contributions and Accounts
  • Allocations, Distributions and Transfers
  • Buy-Sell Provisions
  • Deadlock with Mediation
  • Drag-Along-RIghts
  • Tag-Along Rights
  • Pre-Emptive Rights
  • Right of First Offer
  • Right of First Refusal
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Operating Agreement Playbook

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Operating agreements for limited liability companies and partnerships offer substantial flexibility combining the liability protection of a corporation with favorable tax treatment.
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