LLC Operating Agreements Explained 2017-09-21T07:43:57+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 5,900+ 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 101 five star Google & Facebook reviews.

How to Hire Us

Buy an 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 LLC ($247); (ii) a multi-member LLC ($697); & (iii) a multi-member LLC that desires to have buy sell provisions that contain the members’ exit strategy ($1,597).
  • Tax Audit Agreements: This $497 Agreement is for a partnership or an LLC taxed as a partnership regardless of its formation state.  A federal law effective January 1, 2018, requires partnerships and LLCs taxed as partnerships to adopt an agreement that addresses issues caused by the new partnership tax audit rules.  This agreement does not contain any substantive LLC governing provisions.  It contains only partnership tax audit provisions..
How to Hire Us

New Tax Audit Rules

All partnerships and all LLCs taxed as partnerships must adopt an agreement as soon as possible 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 are effective January 1, 2018. Read this article to learn why the members of an LLC taxed as a partnership could suffer great economic harm if they fail to adopt a Tax Audit Agreement.

Read the article . . .

Purchase an Operating Agreement

Hire us to prepare a comprehensive Operating Agreement for your existing or soon to be formed Arizona or California LLC.  We have prepared 5,900+ custom LLC Operating Agreements for our happy clients.  See our 101 five star reviews. Purchase an LLC attorney’s 30+ page OA for a single member LLC or his 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 5,900+ 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 […]