Operating and partnership agreements are essential in various situations. At Sequoia Legal, we work closely with businesses of all sizes and across many industries to plan and draft the agreements they need to succeed in their business efforts. Here's what you stand to gain by working with reputable and experienced attorneys to draft your agreements.
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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.
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.
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.
If you are pursuing new business objectives, our partnership and operating agreement attorneys are ready to guide you and set you up for success. Call today for a free consultation.
When it comes to business partnerships, various legal issues can arise. At Sequoia Legal, we're no strangers to these issues. Our business attorneys regularly contemplate these issues when helping to plan and execute the partnership agreements that are essential for businesses.
No matter what your business objectives are, we can help you accomplish them through a range of business law services, including but not limited to:
No matter what your needs may be, our business lawyers have the experience and passion to help ensure that you thrive in your business efforts and that your exposure to precarious business liability remains low.
Sequoia Law has a long history of providing superior legal services to businesses in Denver and throughout the state. Our experience is matched only by the close attention to detail we pay to each client we represent.
Whether you need general partnership guidance, legal contract planning, or help with a limited liability company, you can count on our attorneys to deliver the high-quality representation you need to comfortably transact business profitably.
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Each lawyer in our firm has extensive experience planning and drafting effective operating and partnership agreements that reflect the unique needs of our clients.
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If you are conducting business in Denver or anywhere else in Colorado, the attorneys at Sequoia Legal can help you plan and draft operating and partnership agreements that protect you and allow you to transact business efficiently and effectively.
Get help today with your business goals by reaching out to our office by phone or online. An operating agreement and partnership attorney is ready to discuss your case over a free initial consultation.
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Partnership agreements and operating agreements do the same thing: They define the rights and responsibilities of members of the business relating to profit, loss, and more. However, operating agreements are used in LLCs, whereas partnership agreements are used in partnerships.
The main clauses include:
Closing the business does not terminate a partner's limited liability instantly. A partner may still face liability for past business actions if the statute of limitations has not yet elapsed.
