Get the Most Out of Your Multi-Member LLC with Edmonds Law Office
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Q: Can't I download a free operating agreement from Google?
A: Sure, you could download a free or low cost template from Google, but those templates have loopholes and grey areas that could land you in court. The truth is, that free and low-cost legal templates can serve a purpose when the value of the business or investment opportunity, is worth losing. If you take a look at the terms and conditions of these sites, you'll see a disclaimer like this one. To protect their interests, these free legal template sites have to advise you to seek legal counsel because they can not guarantee that the provisions in the template are enforceable in your jurisdiction.
Our Litigation Experience Informs Our Approach to Drafting Operating Agreements
The operations provisions within your operating agreement with specify roles, management, prohibited acts, the scope of authority and others.
In LLCs, members have the greatest flexibility to eliminate almost all fiduciary duties or specify with great detail what guidelines managers must follow.
Capital Contributions & Distributions
These provisions specify how and when members within the organization will be entitled to payment. Is one member providing services and the other capital? How will the company accept new members?
These provisions cover meetings, voting authority, kicking out members (cessation), and other factors. Without well-drafted member terms, the company may have to let the court decide who can join the company.
Comprehensive Operating Agreements
Our Operating Agreements
Our agreements average between 70-100 pages
Industry-Specific Fiduciary Duties defined by Company Role
Detailed Management & Control Protocols to determine authority of members, prohibited acts, elections, delegation of authority, officer rights
Multi-tiered grievance procedures and ADR terms
Winding up, dissolution, and retirement terms that preserve the business during the process
Detailed capital contribution and distribution protocols based on membership class
Free Operating Agreement Templates
Free templates average between 10-15 pages
Vague Fiduciary Duties that create gray areas
General Management & Control Protocols ("one size fits all")
Vague resolution terms that don't address important aspects of resolving disputes
Form language with 2-3 criterion for dissolution
Winding up protocols (*missing*)
Generalized capital contribution protocols
I was most impressed with her integrity. She didn’t try to push me to move forward even though she could’ve made money from me doing so. Instead, she educated me on my options and allowed me to make an informed decision.
I felt at ease, confident and well informed throughout the entire process of my case. The prompt and open communication was excellent! Ms. Edmonds is very knowledgeable regarding the laws.
Attorney Edmonds thoroughly explained all the options I had available to me in a way that was clear and concise. She was super professional and provided honest insight into the likelihood of success if I decided to move forward.