Does anyone have experience in drafting their own Operating Agreement?

by a searcher from London Business School

4 years ago

I am working to form my LLC and would appreciate feedback on:
- State of LLC incorporation? I am based in Chicago but was thinking to incorporate in Delaware
- Best source for Operating Agreements. I found a template on the Stanford Primer- should I consult a Lawyer or can draft my own?

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5 comments

searcher from York University

1. Consider Delaware for favorable laws, but consult a lawyer if you mainly operate in Chicago. 2. Use a template for your Operating Agreement, customize it, and ensure it complies with state laws. A lawyer can ensure it's legally solid. 3. If you're traditionally funded, follow investors' preferences. If self-funded, learn about and negotiate provisions to match your goals. 4. Drafting your agreement can be a valuable skill. Balance self-drafting with legal advice wisely.

6 months ago | like reply | 0 likes

professional from Walsh College of Accountancy and Business Administration

I agree with Matt Stone. The tax provisions in the operating agreement are really important and not all boiler plate operating agreements found online have the correct tax provisions. In addition, many do not reflect certain changes in the tax law.

4 years ago | like reply | 0 likes

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