The single most important process in forming a business is negotiating and drafting the foundational documents that prescribe how the company will operate. In a corporation, these are called bylaws; in an LLC, it's an operating or partnership agreement.
This document is the go-to resource for:
- Internal decision-making
- Profit-and-loss allocation
- Adding or subtracting owners and managers.
A properly drafted foundational document will lay out the mechanisms for operating the business and resolving conflicts - it also plays a crucial role in attracting investors looking for business primed to succeed.
Depending on the nature of the organization, these documents can be quite simple or extremely complex. Expert guidance and professional drafting are essential to protecting your interests and making sure the business runs efficiently and predictably. Of course, nobody can anticipate every complication that may arise - but getting it right in the beginning is key to avoiding uncertainty and costly litigation down the road.
To discuss how I can help you with your bylaws or agreements - including negotiation, drafting, and filing amendments - contact me to set up a consultation.