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What is an Operating Agreement?

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An Operating Agreement is the most significant building block on which to found a business. You’ve probably also heard of a Partnership Agreement or a Shareholders’ Agreement. Depending on the type of entity, those are different names for the internal governing document that provide the basic guidelines regarding how the business will handle most of its critical affairs, including, but not limited to: how the company operates, who has what percentage of ownership, who has what responsibilities, who can sell the business or sell their shares of the business, and more… A strong agreement ought to be put in place to ensure that the business runs smoothly, and is protected from potential internal threats..
However, other issues may emerge that are not usually contemplated. That is why an experienced attorney is integral in drafting a proper agreement. Depending on how the agreement is drafted, it can prevent undesirable litigation by minimizing disputes.
TLF business attorneys have significant experience dealing with operating agreements throughout Florida. Contact us today to learn more.

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