Why You Need An Operating Agreement: 8 Operating Agreement Tips
Embracing The Ties That Bind
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Operating agreements are pivotal in outlining a business’ financial and functional decisions. It’s the guiding document that bonds and legally protects business partners. Nonetheless, up-and-coming mortgage pros opening a brokerage with partners often neglect it. Learn why these eight business owners and entrepreneurs stress the importance of operating agreements and tips to help you complete yours.
Establishes Structure
If you are the proud owner of an LLC, then you need an LLC operating agreement! An operating agreement establishes your company’s structure, helps protect your limited liability status, and creates the governing rules of your business. The only tip I have for writing an operating agreement is not forgetting to have your co-owners and lawyer sign it to make it official and legal. After that, you are set!