LLC Operating Agreements Explained2018-10-06T11:10:38+00:00

We are LLC Attorneys who Prepare Custom Operating Agreements

This website was created by LLC attorneys Richard Keyt, JD. LL.M. whose masters degree in federal income tax law is from New York University School of Law and his son former CPA Richard C. Keyt, JD, MS whose masters degree in accounting is from the University of Notre Dame.  The Keyts have drafted 6,200+ LLC Operating Agreements.  They created this website:

  • To help people learn about why all limited liability companies should have a properly worded Operating Agreement signed by all members, and
  • To convince readers with existing and not yet formed LLCs to hire us to prepare: (i) a custom comprehensive Operating Agreement for an Arizona or California LLC, or (ii) a Tax Audit Agreement for an LLC formed in any state.  The Tax Audit Agreement is not an Operating Agreement.  Its sole purpose is to comply with the Bipartisan Budget Act of 2015 and the IRS regulations under the new partnership tax audit rules promulgated there-under that are effective January 1, 2018.

People love our LLC services. See our 129 five star Google, Facebook & Birdeye reviews.

How to Hire Us

Buy a Custom Operating Agreement

  • Peace of Mind: Your Operating Agreement will be prepared by experienced LLC attorneys
  • Phone Help: Call 480-664-7478 for free answers to Operating Agreement questions
  • Arizona & California Operating Agreements: Comprehensive state of the art Operating Agreement for:  (i) a single member or husband & wife owned LLC ($247); or (ii) a multi-member LLC ($497).
  • Compliant with New AZ LLC Act:  Your Operating Agreement for an Arizona LLC complies with current Arizona LLC law and the new Arizona LLC law when it becomes effective.
How to Hire Us

LLCs Taxed as Partnerships Need a
Tax Audit Agreement
that Addresses
the New Tax Audit Rules

Warning – Lack of Tax Audit Agreement Is a Big Mistake:  All partnerships and all LLCs taxed as partnerships must adopt a Tax Audit Agreement now that contains language that addresses the new partnership tax audit rules created by the Bipartisan Budget Act of 2015 and the IRS regulations promulgated there-under that became effective on January 1, 2018. This article explains why the members of an LLC taxed as a partnership could suffer great economic harm if they fail to adopt a Tax Audit Agreement and why only an idiot would agree to be the tax representative without the protection offered by a properly drafted Tax Audit Agreement.

Read the article . . .

Protect LLC Members by Purchasing
an Operating Agreement Drafted to
Comply with AZ’s New LLC Act

Hire LLC attorney Richard Keyt to prepare a comprehensive state of the art Operating Agreement for your Arizona LLC that complies with Arizona’s new LLC act.  All multi-member LLCs need an Operating Agreement drafted to eliminate the many liability creating statutes in Arizona’s new LLC law. We have prepared 6,200+ custom LLC Operating Agreements for our happy clients.  See our 129 five star reviews. Purchase an Arizona LLC attorney’s $247 30+ page OA for a single member LLC or his $497 50+ page OA for multi-member LLCs. Our Operating Agreements include 1/2 hour of attorney time to answer questions & amend the agreement.

Get Started Now . . .

Preventable LLC Disasters

Learn why you need our Operating Agreement. If you are or will be a member of an LLC you must read “Common LLC Disasters a Good Operating Agreement Prevents.” Learn about real life LLC nightmares that you and your loved ones can avoid if your California or Arizona limited liability company Operating Agreement is prepared by the Keyts.

LLC Horror Stories . . .

Amend an Operating Agreement

Hire us to amend an existing Operating Agreement to add or remove a member, change membership percentages, restrict transfer of interests, require members approval to take action, convert couples’ ownership to community property with right of survivorship or make any other change agreed to by the members.

Get started . . .

Buy Sell Agreement

A Buy Sell Agreement may be a multi-member LLC’s most important document because it contains the members’ exit strategy. A BSA contains buy out provisions that arise if a member dies, files for bankruptcy, is convicted of a felony, ceases to work full time for the LLC, tries to transfer ownership to a third party or any other triggering event the members want. Ask Richard Keyt about a “shot gun” buy out clause.

Start Your BSA . . .

Client Testimonials

In forming 6,200+ Arizona LLCs we have had thousands of happy clients. A few testimonials are shown below, but here is how to access the complete list of satisfied LLC purchasers:

If One Musician Plays A Wrong Note, the Entire Orchestra Now May Pay the Price — Be Aware of New Partnership Tax Audit Rules

May 3rd, 2018|0 Comments

Whitman, Elizabeth: “With awareness and diligent preparation, many partnerships should be able to opt out of the post-TEFRA rules and continue to operate as they have in the past the TEFRA rules, but they still should amend their agreements in case they find themselves subject to the post-TEFRA rules in […]

The New Partnership Audit Rules, Part 2: The Election Out

April 18th, 2018|0 Comments

McGinley. Elizabeth L. and Lorch, Steven J.:  ” The New Rules, effective for audits of partnership tax years beginning on or after January 1, 2018, generally allow the IRS to adjust items of income, gain, loss, deduction or credit of a partnership, and collect any resulting underpayment of tax, […]

Preparing for the New Partnership Audit Rules: Why It’s Critical to Act Now

March 19th, 2018|0 Comments

Buchanan Ingersoll & Rooney PC:  “There are new, significantly changed audit rules that apply beginning with your 2018 tax return. Every entity taxed as a partnership (which includes most LLCs) will have to take some action with respect to these new rules….In order to best protect your business […]