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What Are Operating Agreements?
Operating agreements set forth the terms and rules governing how a limited liability company (LLC) must operate and transact business. Having an operating agreement in place is crucial to the successful operation of your LLC and prevents the state's default LLC rules from controlling the company.
An operating agreement also helps to protect the personal liability of each member of the LLC and is thus one of the most important documents your company possesses. Once signed by all members, it is the law of the company and does not need to be filed with the state to be considered binding.
What Is a Partnership Agreement?
A partnership agreement is a critical document that explicitly details how a business is to operate, as well as the roles and responsibilities of each partner. Any business with two or more partners needs to have a well-thought-out partnership agreement so the partners have a clear understanding of their obligations and rights regarding profit and loss.
A partnership agreement also helps avoid potential problems and provides a means for resolving disputes. Businesses without an agreement will risk facing crippling disputes and losing time and money thanks to inefficient dispute resolution methods.
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Why Do You Need to Hire an Experienced Operating Agreement and Partnership Attorney in Denver, CO?
An experienced partnership attorney can be likened to an insurance policy against the many problems that arise during the course of business. These same problems are what cut into a company's profits and productivity and ultimately lead to substantial liability.
With a partnership attorney working with you from the beginning, you get a professional who can effectively contemplate the potential disputes you are likely to face in your partnership and take preemptive action to avoid problems.
To be certain, many executives and other business professionals understand the problems they may face down the line. However, an attorney dedicates their every effort toward avoiding these problems by using skillful contract planning and formation to protect the rights of each partner. This saves countless hours and millions of dollars in litigation costs.
Regardless of what your needs may be, Sequoia Legal is here to help you thrive by providing you with corporate services specifically tailored to your business interests.
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