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KEYTLaw Operating Agreement Preparation ServiceAll Documents are Attorney Prepared - not Paralegal or Document Preparer Preparedby Richard Keyt, Arizona business attorney If you form your own LLC, your company should also have an Operating Agreement signed by all of the members. Here's the litmus test for determining if your company needs an Operating Agreement: How can a third party like a bank or title insurance company determine the identity of the members of your company and their percentage ownership of the company? Without a written Operating Agreement, a bank or title insurance company will not accept the word of a member as to who the owners are and how much they own. See Why Most Multi-Member LLCs Need a Comprehensive Operating Agreement. Without a good written Operating Agreement how can you prove to a court exactly how much of your company you own? The single most important reason to have a written Operating Agreement is so that you and the other members can prove who owns your company and how much each member owns. In 2003, the members of an LLC I formed in 1994 found themselves in Maricopa County Superior Court litigating over, among other things, exactly who the owners were and what percentage of the company they owned. Although I prepared an Operating Agreement for them in 1994, they never signed it. I had a client ask me to review a sample Operating Agreement the company found on the internet. The members signed the agreement and were involved in a nasty dispute. Unfortunately for the company and its members, the sample Operating Agreement stopped in the middle of the agreement and lacked all the exhibits it referred to. Because the members had never seen an Operating Agreement before, they did not realize they signed a partial and highly defective document. Let KEYTLaw prepare your company's Operating Agreement. Don't risk a future expensive dispute among owners by operating your company without a written agreement between the members that covers basic rights and obligations of the members. Because the Operating Agreement is the most important agreement among the members of a multi-member LLCs, it should not be a fill-in-the-blanks form taken off the internet or from a commercial legal form software package or be a document prepared by anyone other than an experienced business and tax lawyer. KEYTLaw offers for sale two LLC Operating Agreements, a 30 page standard Operating Agreement and a 80 page comprehensive Operating Agreement with buy-sell provisions. The 30 page standard agreement is sufficient for single member companies and husband and wife owned companies. Members of multiple member owned companies, especially companies not owned entirely by one family, should purchase KEYTLaw's 80 page comprehensive Operating Agreement with buy-sell provisions, which is designed for the more complex scenarios that typically involve multi-member non-family owned LLCs. Contents of KEYTLaw's 30 Page Operating AgreementEvery KEYTLaw prepared Operating Agreement contains the following provisions:
Separate Property v. Community Property CautionIf any member of your LLC intends to own his or her interest in the company as separate property, it is imperative for that member to obtain a written disclaimer of interest from his or her spouse to obtain clear title to the interest. The spousal disclaimer is included in both of KEYTLaw's Operating Agreements. Arizona is a community property state. A married Arizona resident owns two types of property: separate property and community property. Separate property is property that is owned only by one spouse and in which the second spouse has no interest. Community property is property that is owned jointly by both spouses and in which they each own an undivided fifty percent interest. Arizona community property law provides that all property acquired by a spouse residing in Arizona during marriage is community property, except property acquired by gift or inheritance. The legal significance of this fact is that if a married member (who resides in Arizona) of an Arizona LLC intends to own his or her interest in the company as separate property, the married member must obtain his or her spouse's signature on a disclaimer by which the other spouse acknowledges that the member owns the interest in the LLC as separate property. Contents of KEYTLaw's 80 Page Comprehensive Operating Agreement with Buy-Sell ProvisionsIn addition to the provisions contained in the 30 page standard form Operating Agreement, KEYTLaw's 80 page comprehensive Operating Agreement with buy-sell provisions contains the following additional provisions:
See Headings of KEYTLaw's Comprehensive Operating Agreement to get an idea of the issues covered by our 80 page Operating Agreement with buy-sell provisions. Our comprehensive Operating Agreement is not a form document grabbed from the internet or a form book. It is the product of Richard Keyt's 25+ years of experience as a business lawyer attending seminars, reading treatises, drafting hundreds of partnership agreements and operating agreements, and advising partnerships and limited liability companies. Fees for KEYTLaw Prepared Operating Agreements
Don't operate your Arizona LLC without an Operating Agreement. Let KEYTLaw prepare an Operating Agreement for your company and have piece of mind knowing that you will have the basic terms and conditions of membership set forth in a legally binding written agreement. Operating Agreement QuestionnaireTo order an Operating Agreement for your company now, click on the link below and answer the questions on the online form: Click Here to Purchase Your Operating Agreement Now For more information about Operating Agreements, see Richard Keyt's articles entitled "Arizona Limited Liability Company Operating Agreement FAQ or Why Most Multi-Member Arizona Limited Liability Companies Need a Comprehensive Operating Agreement." About the AuthorRichard Keyt, J.D., LL.M. (income taxation New York University Law School) is a business, real estate, transactions, contracts and estate planning attorney licensed to practice law in Arizona. He has formed over 1,500+ Arizona limited liability companies in the last few years because his low cost high quality LLC package is second to none and it only costs $599 for everything. Rick has practiced law in Arizona since 1980. Rick can be reached by telephone at 602-906-4953, ext. 101. Email at rickkeyt@keytlaw.com and fax at 602-297-6890. Rick's web site located at www.keytlaw.com had over 1,000,000 visitors in 2006 and 2007. Rick does not accept matters involving landlord / tenant disputes or litigation of any kind (other than tax lien foreclosures). Communicating with Richard Keyt via email or otherwise does not cause you to become a client or cause your communications to be confidential or subject to the attorney client privilege. |
All Documents Attorney Prepared - not Paralegal or Document Preparer PreparedTo order an attorney prepared Operating Agreement for your AZ LLC, click on the OA Questionnaire link If You Do Not Hire KEYTLaw to Form Your AZ LLC, Give Yourself Peace of Mind and Purchase Our Quick Start Guide - Only Available from KEYTLaw.comWhat you don't know about operating your Arizona LLC could cost you thousands of dollars or possibly risk a court "piercing the veil" and holding the members of the LLC liable for its debts. Arizona business attorney Richard Keyt's in depth, Arizona specific 100+ page Arizona LLC Quick Start Guide is the Holy Grail about operating Arizona LLCs. Merriam-Webster's dictionary defines "Holy Grail" as "an object that is sought after for its great significance," a term that aptly describes the AZ LLC Quick Start Guide. How to Purchase the QSGThis owner's manual for operating an Arizona LLC explains 75+ critical topics that affect Arizona LLCs. See the five page Table of Contents and you will be amazed that so many important topics are explained in one convenient source. Click here to purchase the Quick Start Guide now from our internet store for the incredibly low price of $99. Ignorance of Arizona LLC law and how to operate your Arizona LLC could be very costly.
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This page was last modified on April 10, 2008.
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