Having a properly drafted operating agreement is a very important step in the LLC formation process. There are many topics to address in the operating agreement, including management of the company, distribution of profits, member’s rights to sell interest, and termination of the LLC. If the operating agreement does not address many of these items, the LLC will operate under the default LLC laws in Tennessee. Click here to review the McNulty & Associates, PLLC post that sets out a section of the law.
I would recommend reviewing and updating the operating agreement before any major steps are taken with the LLC (adding members, voting out members, buying property, etc.). If you have any questions about your operating agreement, don’t hesitate to contact me. I offer discounted rates to companies that retain my services on a regular, ongoing basis.
Luke D. Bottorff
Nashville Business Attorney
McNulty & Associates, PLLC