Business Operating Agreements
Alex R. Hernandez Jr. 361-454-1000 Contract Drafting and Review of Business Operating Agreements
An operating agreement is an essential business document to be prepared along with the document of formation. An operating agreement points out who the partners are and clarify the extent of ownership of each. It mentions the capital contributions of partners. It spells out the procedure for loans for members and raising capital from time to time. It describes the procedures for calling and canceling meetings. It is, in short, an exhaustive document describing duties, responsibilities, and the procedures to be followed for fulfilling them. A clear business operating agreement also serves to protect partners’ interests in case the partnership should be dissolved.
Alex R. Hernandez Jr. has the expertise and experience in drafting and enforcing operating agreements. Partnership disputes are often the most acrimonious type of business dispute. The best situation to be in is to do all that you can to pre-empt misappropriation and funds. A clear operating agreement serves to deter such misadventures, and in case, a business dispute arises, it helps to clarify matters.
We also review existing operating agreements and bylaws and identify any scope for updating the agreement and making it more robust.
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