Let's Talk Operating Agreements! // Titus Law Firm

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Transcript:
So what is an operating agreement? Well, every entity has to have some sort of government governing documentation. Right? If it's an operating agreement, then that means it's an LLC LLC has have operating agreements, corporations have bylaws. Limited Partnerships have limited partnership agreements, so on and so forth. GPS, general partners, don't have general partnership agreements, joint ventures, when you know, two entities are going on a specific venture, they have a joint venture agreement, right. So in operating agreement, since we're talking about LLCs, there's something that says, here's everyone who's involved, here's their roles and their responsibilities and their rights of roles. What is it I'm supposed to do? And what are you? What are you supposed to do? Responsibilities? More detail of those roles, like this is my title is my role, right? CFO? And here are my responsibilities under that role? And then it delineates, who put in what this is what this person put in monetarily. And this is what they're expected to put in timewise. And, you know, and what do they get? This is their equity, which then in turn, you know, usually correlate, but doesn't have to correlate to what it is that they get, you know, the payout that they're supposed to receive. So, you need these things in place if you're doing an LLC with other people. Why? Because everyone's always, you know, happy whenever you're about to start a business or do something. But, you know, things can get hairy, and you want everybody when they're happy and sober minded, to come to an agreement on how things should be. There's, there's a lot of pitfalls, and that's where lawyers come in, we can kind of see beyond the curve and guide you through that so we can go ahead and get the right things put together. So that way we can avoid disputes later. And then my name is Eddison Titus with the Titus law firm teaching you a thing or two about business, real estate estate planning and probate.