Family Llc Operating Agreements Line By Line PDF Download

This book and the two complete forms of limited liability company ("LLC") operating agreements are intended to educate persons that want to use a limited liability company for operating their business, and to make them familiar with the various provisions that should be considered for inclusion in an LLC Operating Agreement, many of which are often overlooked, or omitted in "free" forms available online. Although it is easy enough to find a registered agent service online that will form your LLC without the aid of an attorney or accountant, the next step, adopting an operating agreement (in writing) requires the consultation or advice from your attorney or accountant to make decisions about provisions should be in the operating agreement. You have an obligation to structure the organization of your LLC the best way possible to protect your members' investment in the LLC from their creditors and others in addition to protecting your ownership interest, as well as avoiding loss of control of the LLC to creditors of members. This is why this book, and its forms are based on Wyoming LLC law, which givers better protection than most states, for example, charging order protection, which is especially important if you have outside investors, even if limited to friends and family. The provisions of the forms in this book are based on Wyoming law, are complex, and should not be used for an LLC organized in another state, or without the advice of an attorney. However, the clauses will be a guide for your attorney of the types of provisions that should be considered or included. This book (including its forms) is registered with the United States Copyright Office, and does not constitute the rendering of legal advice. However, the forms are available for limited use licensing by a single LLC and allows unlimited editing and tailoring to your particular situation. The agreements are in the form of prototype documents that provide fill-in spaces to insert information (e.g., name of LLC) and offer alternate clauses or language, enclosed in brackets.