Any business attorneys here that have drafted LLC operating agreements?

BGCarrera32 · 09-13-2015, 10:18 AM

I need a few minutes of pro bono advice. A potential new business partner that may join my startup has offered a draft of a buy-sell agreement that I like in principal, but I need to know where the "gotchas" might be so I can better continue the discussion with him and ultimately a local attorney.

Shoot me a PM with your e-mail addy please. Draft is probably a 10 min read for you.

Thanks
BG

wdfifteen · wdfifteen's Garage

Prolly ought to call Saul.

porsche4life · porsche4life's Garage

Get in touch with MRM.

krichard · krichard's Garage

not a lawyer but as a member in a LLC I highly recommend making sure that there is a written agreement for what each member's responsibilities/expectations are on a weekly/hourly basis to the company. While I'm in a great position for making decision for the company, I don't have the expected help I was "promised" going into the partnership which means extra expenses to hire said help....

wdfifteen · wdfifteen's Garage

^^
+1
I'm in the midst of divorcing a partner right now for just this very reason. It happens to be reason Im up and can't sleep at 3 AM.

85eurocarrera · 85eurocarrera's Garage

Hi Brian,

No advice for you, but interested in what you're doing, if you can share.

Good Luck to you.

Joe

john walker's workshop · 09-14-2015, 08:44 AM

Partners rarely work out. BTDT, never again.

dondarnell · 09-15-2015, 10:22 PM

I write them all the time. Most folks don't like cash calls. Just had a case where my client had to sell her 5% for "book value" which was $2000 in a company with $2mm in assets and no debt., so you have to be careful how to value it when there s a split. Just a couple things that come to mind.

SpyderMike · 09-16-2015, 10:24 AM

I have been in a partnership for 15 years - LLC. It is like a marriage and people can/do change. Business changes to. You have to adapt and compromise to keep it going. There have been times where my business partner and I can not stand each other. But I guess, in the end, we manage because we make too much money together. In the last few years, after achieving my wealth target, I really started looking at getting out, but the divorce/separation is not easy generally speaking. So I adapted by hiring someone to do 90% of my work while I F-off.

Best to spend money on a legit business attorney to review it. My advise is to spend considerable time on the exit strategy.