Many Georgia business owners choose a limited liability company (“LLC”) entity to conduct their businesses. Every LLC should have a written LLC Operating Agreement to govern the management and business affairs of the LLC. This is especially important if the LLC has more than one member. A well-constructed LLC Operating Agreement deals with issues including, but not limited to:
- management rights and decision-making processes
- capital contributions of the members
- restrictions on transfer of membership interests (i.e., ‘rights of first refusal,’ etc.)
- buy-sell provisions in the event of death, disability, resignation or termination of a member
- dispute resolution provisions
Contact C. David Rowe, PC for assistance with your LLC Operating Agreements.