A limited liability company (LLC) is a business entity that protects business owners, called members, from personal liability. An Operating Agreement governs the operations of a limited liability company according to the specific needs of the members. It is a legally binding contract for the internal functions of a business, guiding the member’s operational and financial decision-making process.
Although it is not state-mandated in Florida, it is wise for members of an LLC to set up an Operating Agreement. In the absence of this document, a business is governed by the rules imposed by the state, which may be very general or not appropriate for all purposes. It is a best practice for the founders of a business to create an Operating Agreement in the start-up phase of a business. However, one can be created or amended later as changes are necessary to meet the members’ needs.
Many legal issues may arise in the lifetime of a business, and experienced legal counsel is invaluable in drafting an Operating Agreement. Taking proactive steps by having a well-written Operating Agreement can help to avoid disputes and minimize disruptions to a business. The Myers Law Group, P.A. has extensive experience in business law, negotiations, and courtroom litigation. With more than two decades of a commitment to assisting business owners, we offer professional insight for emerging and established companies in various industries.
Operating Agreement Topics may include but are not limited to:
The Importance of Revising Operating Agreements
It is time to amend the terms and conditions of an Operating Agreement when it no longer meets the members’ needs or the needs of the business. An agreement may have specific requirements and limitations for amendments, such as a timeframe before changes can occur or a needed majority or unanimous members’ vote. Common reasons to amend agreements include:
All amendments need to be documented and signed by the members.
Let Us Put Our Experience to Work for You
Contact the Myers Law Group, P.A. if you are an entrepreneur starting up a business or a seasoned business owner that needs to draft or amend an Operating Agreement. We can help you create this critical governance document for your company that clearly outlines the members’ rights, responsibilities, and powers in making business decisions.
Call the Myers Law Group, P.A. at our DeLand, Florida office at 386-873-7835 to schedule a confidential consultation. We represent clients in Volusia, Seminole, and Orange Counties, Florida. Drafting or amending your Operating Agreement can be a critical step to achieving success.
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