Once your business is created or organized, the owners of the business, whether they are members of a Limited Liability Company or shareholders of a Corporation, must have an agreement as to how the business entity is going to act. For a Limited Liability Company, this agreement is called an “Operating Agreement” and for a Corporation, the agreement is called the “By-Laws.” Such an agreement is necessary even if there is only one member or shareholder.
When there is more than one owner of a business, another type of agreement, known as a Buy/Sell Agreement may also be necessary. There are typically other issues to address with a Buy/Sell Agreement, such as the mechanics of funding the purchase price upon the death or disability of one of the shareholders.
The attorneys at Gregory E. Robinson, P.C., have the experience to assist you in determining what documents need to be created for your specific business and will work with you to accomplish your business goals.