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LLC Operating Agreements: Formation, Drafting, and Provisions

Gain a better understanding of the key provisions of operating agreements of limited liability companies.

Limited liability companies have become a popular type of entity in recent years as they offer flexibility for many businesses. When forming a limited liability company, it is prudent for businesses to plan ahead for the management and affairs of a company to improve the health and longevity of a business. Even if a company has existed for many years, it is also important to revisit corporate governance periodically to determine whether any changes need to be made. This topic will focus on the key provisions of operating agreements of limited liability companies, such as the economics, management authority, deadlock, indemnification, and other special rights.

88 minutes
Certificate of Completion
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Why Lorman?

Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Structure of LLC

  • Structure / Taxation of LLCs
  • Capitalization
  • Economics
  • Dissolution

Management and Membership

  • Member-Managed vs. Manager-Managed
  • Appointment of Managers
  • Board/Member Deadlock
  • Buyout
  • Indemnification
  • Major Decisions
  • Termination/Resignation
  • Assignability of Interest

Special Rights and Duties

  • Right of First Refusal and Right of First Offer
  • Drag-Along and Tag-Along
  • Fiduciary Duties

Miscellaneous Provisions

  • Non-Competition and Non-Solicitation
  • Amendment
  • Name, Formation, Principal Office/Registered Agent, Purpose, Bank Accounts
  • Legal Title to Company Assets
  • Confidentiality
  • Governance: Quorum, Voting, etc.
  • Governing Law, Jurisdiction, Venue
  • Consider Location of LLC, Its Members, and Managers
  • Beneficiaries, Successors, and Assigns
  • Severability, Counterparts, and Headings
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Why Lorman?

Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Course

Applications have not yet been submitted for Delaware, Idaho, Kentucky, Maine, Ohio, Oklahoma, South Carolina, and Wyoming CLE for this course. However, if you are interested in obtaining CLE for any of the listed states or have any additional credit questions please email us at [email protected] or call us at 866-352-9540.

This course was last revised on December 10, 2019.

Call 1-866-352-9540 for further credit information.

  • AR CLE 1.5
     
  • This course has been approved for 1.5 hours of CLE by the Arkansas CLE Board.
     
  • CA MCLE 1.5
     
  • Lorman Business Center, LLC. is a State Bar of California approved MCLE sponsor and this course qualifies for 1.5 CLE hours of participatory credit.
     
  • WA CLE 1.5
     
  • This program has been approved by the Washington State Board of Continuing Legal Education for 1.5 hours of A/V credit under the Law & Legal Procedure category.
     

To earn each credit Lorman offers through the OnDemand learning platform, you need to watch 100% of the program. Also, for certain credits you will need to fulfill additional requirements which will be displayed on the "credits" tab when viewing the course.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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Why Lorman?

Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Frank Ciatto, Esq.

Frank Ciatto, Esq.

Venable LLP

  • Law firm partner at Venable LLP
  • Practices in corporate, mergers and acquisitions, and investment management
  • Co-author of LLC Operating Agreement Line by Line: A Detailed Look at LLC Operating Agreements and How to Draft Them to Meet Your Clients' Needs in 2013
  • Frequent speaker at numerous presentations
  • President-elect of the Georgetown University Alumni Board of Governors
  • J.D. degree, Georgetown University Law Center; B.A. degree, cum laude, Georgetown University
  • Link to Full Biography: https://www.venable.com/professionals/c/frank-a-ciatto?accordion=0
  • Can be contacted at [email protected]
Stephanie Molyneaux, Esq.

Stephanie Molyneaux, Esq.

Venable LLP

  • Attorney with Venable LLP
  • Practices in corporate, mergers and acquisitions, and intellectual property
  • Frequent speaker at several different presentations
  • J.D. degree, magna cum laude, University of Richmond School of Law; B.A. degree, with distinction, American University of Beirut
  • Link to Full Biography: https://www.venable.com/professionals/m/stephanie-s-molyneaux?accordion=1
  • Can be contacted at [email protected]
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Why Lorman?

Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

All of your training, right here at Lorman.

Pay once and get a full year of unlimited training in any format, any time!


  • OnDemand Courses
  • Live Webinars
  • MP3 Downloads
  • Course Manuals
  • Executive Reports
  • White Papers and Articles

Additional benefits include:

  • State Specific Credit Tracker
  • All-Access Pass Course Concierge

Questions? Call 877-296-2169 to speak with a real person.

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Product ID: 406689
Published 2019
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