Gain a better understanding of the key provisions of operating agreements of limited liability companies.
Limited liability companies have become a popular type of entity in recent years as they offer flexibility for many businesses. When forming a limited liability company, it is prudent for businesses to plan ahead for the management and affairs of a company to improve the health and longevity of a business. Even if a company has existed for many years, it is also important to revisit corporate governance periodically to determine whether any changes need to be made. This topic will focus on the key provisions of operating agreements of limited liability companies, such as the economics, management authority, deadlock, indemnification, and other special rights.
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Why Lorman?
Over 38 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Agenda
Structure of LLC
- Structure / Taxation of LLCs
- Capitalization
- Economics
- Dissolution
Management and Membership
- Member-Managed vs. Manager-Managed
- Appointment of Managers
- Board/Member Deadlock
- Buyout
- Indemnification
- Major Decisions
- Termination/Resignation
- Assignability of Interest
Special Rights and Duties
- Right of First Refusal and Right of First Offer
- Drag-Along and Tag-Along
- Fiduciary Duties
Miscellaneous Provisions
- Non-Competition and Non-Solicitation
- Amendment
- Name, Formation, Principal Office/Registered Agent, Purpose, Bank Accounts
- Legal Title to Company Assets
- Confidentiality
- Governance: Quorum, Voting, etc.
- Governing Law, Jurisdiction, Venue
- Consider Location of LLC, Its Members, and Managers
- Beneficiaries, Successors, and Assigns
- Severability, Counterparts, and Headings
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Why Lorman?
Over 38 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Credits
OnDemand Course
This course was last revised on December 10, 2019.
Call 1-866-352-9540 for further credit information.
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
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Why Lorman?
Over 38 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Faculty
Frank Ciatto, Esq.
Venable LLP
- Law firm partner at Venable LLP
- Practices in corporate, mergers and acquisitions, and investment management
- Co-author of LLC Operating Agreement Line by Line: A Detailed Look at LLC Operating Agreements and How to Draft Them to Meet Your Clients' Needs in 2013
- Frequent speaker at numerous presentations
- President-elect of the Georgetown University Alumni Board of Governors
- J.D. degree, Georgetown University Law Center; B.A. degree, cum laude, Georgetown University
- Link to Full Biography: https://www.venable.com/professionals/c/frank-a-ciatto?accordion=0
- Can be contacted at [email protected]
Stephanie Molyneaux, Esq.
Venable LLP
- Attorney with Venable LLP
- Practices in corporate, mergers and acquisitions, and intellectual property
- Frequent speaker at several different presentations
- J.D. degree, magna cum laude, University of Richmond School of Law; B.A. degree, with distinction, American University of Beirut
- Link to Full Biography: https://www.venable.com/professionals/m/stephanie-s-molyneaux?accordion=1
- Can be contacted at [email protected]
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Why Lorman?
Over 38 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
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