business structure

Operating Agreement

Operating Agreement Jonathan Poland

An LLC operating agreement is a legal document that outlines the rules and procedures for a limited liability company, including the rights and responsibilities of the members, the management structure, and the distribution of profits and losses. It is an important tool for establishing the governance and operations of an LLC, and can help to protect the rights and interests of the members.

In general, an LLC operating agreement should include the following information:

  • The name and purpose of the LLC
  • The names and contact information of the members
  • The ownership and management structure of the LLC, including the percentage of ownership of each member and the roles and responsibilities of the members and managers
  • The rules for meetings and decision-making, including the voting rights of the members
  • The procedures for admitting new members and transferring ownership interests
  • The distribution of profits and losses among the members
  • The terms for dissolving the LLC and winding up its affairs.

It is important to consult with an attorney when drafting an LLC operating agreement to ensure that it is legally-compliant and properly protects the rights and interests of the members. An attorney can help you with the process and provide you with advice on how to best structure your LLC and its operations.

Learn More
Business Relationships Jonathan Poland

Business Relationships

Business relationships are the connections, interactions, and communications between a company and its stakeholders. These relationships can have value for…

Program Controls Jonathan Poland

Program Controls

Program controls are the mechanisms that enable a computer program to execute a set of instructions in a specific order…

Productivity Rate Jonathan Poland

Productivity Rate

Productivity rate is a measure of the efficiency with which a company or organization produces goods or services. It is…

Key Employees Jonathan Poland

Key Employees

Key employees, or key personnel, are individuals who possess unique skills, knowledge, or connections that make their prolonged absence or…

Pre-Sales Jonathan Poland

Pre-Sales

The term “pre-sales” can refer to a range of different things depending on the industry in which it is used.…

Disruption Strategy Jonathan Poland

Disruption Strategy

A distribution strategy outlines how a company plans to make its products or services available to customers. This includes not…

Choosing the Right Lobbyist 150 150 Jonathan Poland

Choosing the Right Lobbyist

First, determining whether hiring a lobbyist is right for your company depends on several factors. Consider the following questions to…

Managed Services Jonathan Poland

Managed Services

Managed services refer to a range of IT and business services that are outsourced to a third-party provider. These services…

Cost Advantage Jonathan Poland

Cost Advantage

A cost advantage refers to the ability of a company to produce a product or offer a service at a…

Content Database

Search over 1,000 posts on topics across
business, finance, and capital markets.

Brand Switching Jonathan Poland

Brand Switching

Brand switching refers to the act of a customer switching from a brand that they were previously loyal to, to…

Beautiful Words Jonathan Poland

Beautiful Words

Beautiful words are words that have a mysterious, wondrous, or charming quality. They can also have a dark or conflicted…

Everyday Low Price Jonathan Poland

Everyday Low Price

Everyday low price, commonly abbreviated as EDLP, is a pricing strategy in which a retailer offers its products at a…

The GSA Process 150 150 Jonathan Poland

The GSA Process

The General Services Administration (GSA) is an independent agency of the United States government responsible for managing and supporting the…

Performance Metrics Jonathan Poland

Performance Metrics

Performance metrics, also known as key performance indicators (KPIs), are measurable values that organizations use to evaluate their progress towards…

Media Planning Jonathan Poland

Media Planning

Media planning involves the strategic selection and scheduling of various media channels and platforms to deliver advertising messages to a…

Innovation Objectives Jonathan Poland

Innovation Objectives

Innovation objectives are aims to significantly improve something through the use of experimentation, risk-taking, and creativity. These goals tend to…

Loss Leader Jonathan Poland

Loss Leader

A loss leader is a product or service that is sold at a price below its cost in order to…

Data Proliferation Jonathan Poland

Data Proliferation

Data proliferation refers to the rapid growth of data, often resulting in a large amount of replicated and low-quality data.…