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Posted on Jul 17, 2020

Sharifov & Associates, PLLC

LIMITED LIABILITY COMPANY - LLC is a popular form of business organization. Often we have clients having business disputes with their partners. Clients admit that they don’t have agreement & rely on oral promises. It will save litigation cost, stress & aggravation, if you draft agreement BEFORE starting your business. In such agreement you can set your respective capital contributions, outline members’ duties & rights, ownership interest & mechanism for sharing profits and expenses. You may decide who makes important business decisions, who is a managing member of LLC & has access to the business bank account & agree that some major decisions require unanimous consent of the members. Sometimes, people want to sell their share in LLC. But how does it work? To avoid potential litigation with other members in case of a business dispute as to accepting of a new member, you should put exact mechanism of such transaction in the LLC membership agreement upfront. This will provide certainty to every member and will simplify any dispute resolution. The standard practice is to provide a right of first refusal for the company. Another aspect of LLC regulation that is always part of any LLC agreement is the provision for its dissolution. Usually, the dissolution of LLC is done on unanimous consent of the members or the occurrence of a Withdrawal Event with respect to a Member & the failure of the remaining Members to elect to continue business of the Company. Contact us for assistance
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