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An operating agreement is a key document used by limited liability companies (LLCs) to outline the business' financial and functional decisions including rules, regulations and provisions. The purpose of the document is to govern the internal operations of the business in a way that suits the specific needs of the business owners, called "members".
It sets forth member capital contributions, ownership percentages, and management structure. Like a prenuptial agreement, an operating agreement can avoid future disputes between members by addressing buy-out rights, valuation formulas, and transfer restrictions. The written LLC operating agreement should be signed by all of its members. [22]
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Confidentiality and the founders' agreement with penalties for disclosure; First right of refusal for purchase rights and counter-bids by a founder. Drag-along provisions, or when the majority shareholders force a sale on the other shareholders. Determinations for the price paid for shares transferred following cessation of directorship or ...
DSS and Lexington Technology Group, and their respective directors and certain of their executive officers, may be deemed to be participants in the solicitation of proxies in respect of the ...
There are a number of legal benefits that come with incorporation. One significant legal benefit is the protection of personal assets against the claims of creditors and lawsuits. Sole proprietors and general partners in a partnership are personally and jointly responsible for all the legal liability (LL) of a business such as loans, accounts payable, and legal
A convention to propose amendments to the United States Constitution, also referred to as an Article V Convention, state convention, [1] or amendatory convention is one of two methods authorized by Article Five of the United States Constitution whereby amendments to the United States Constitution may be proposed: on the Application of two thirds of the State legislatures (that is, 34 of the 50 ...
The television term “pilot” is likely inspired by the aviation industry, given it's the first time a show lifts off or "airs." Like an airline pilot operating a plane, these episodes steer ...
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