<span id="hs_cos_wrapper_name" class="hs_cos_wrapper hs_cos_wrapper_meta_field hs_cos_wrapper_type_text" style="" data-hs-cos-general-type="meta_field" data-hs-cos-type="text" >Minnesota LLC: The Operating Agreement is Critical</span>

Minnesota LLC: The Operating Agreement is Critical

Litigating shareholders disputes can simplified with one comprehensive document:  The Operating Agreement.  The Operating Agreement is best looked at like the manual for the operations of the LLC; it is what you refer to for guidance on how to run the company.
Minnesota Statutes Section 322C.0110 lays out these general concepts of what the Operating Agreement can govern:  

(1) relations among the members as members and between the members and the limited liability company;

(2) the rights and duties under this chapter of a person in the capacity of manager or governor;

(3) the activities of the company and the conduct of those activities; and

(4) the means and conditions for amending the operating agreement.

From there though, a good lawyer will flush these topics out very extensively.  Generally you're looking at a 15-25 page document when all is said and done.  But, that extensive Operating Agreement can truncate member disputes very fast and efficiently. 
Your time and money are well spent getting organized early.  Other than proper state registration, the Operating Agreement needs to get in place.  I will help you navigate the organization process and get your business off on the right foot!


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