Business Law Services
A wise judge Gregg once worked for often invoked Robert Frost’s coined phrase, “Good fences make good neighbors,” when describing legal disputes that could (and should) have been avoided. An operating agreement is a “good fence” for business partners: it provides clarity and helps prevent future disputes. A thoughtfully drafted operating agreement allows LLC members to concentrate on their business’s potential while lowering the risk of messy—and costly—litigation.
If you have set up an Illinois LLC, one of the first steps you should take is to create an operating agreement. Working with an attorney to create a detailed operating agreement is one of the best decisions you can make for your company and the members’ peace of mind.
Sure, you can find a one-size-fits-all, fill-in-the-blank agreement online. But will that operating agreement be a “good fence” for your company and its members? Chances are, it will not. A well-crafted operating agreement addresses all the major things that could happen in your company. Don’t leave your hard-earned investment in your new company up to a Google search and guesswork.
Contact our office today to discuss the formation and protection of your Illinois limited liability company.