Governing documents

Laptop in classic libraryIt is important from the onset of your business to set forth, in writing, how the business will be managed and operated.  Other important issues that should be addressed, in bylaws or an operating agreement, include:

  • Access to company books and records,
  • Capitalization of the business,
  • Distributions of profits,
  • Taxation treatment of the business and its owners,
  • Limiting liability of owners and management,
  • Voting rights of owners,
  • Meetings to conduct business and make decisions for the business,
  • Procedure for presenting resolutions of the business,
  • Appointment of officers and board of directors to run the business,
  • The policy on transferring ownership,
  • A member’s right to withdraw,
  • How buy-outs will be handled,
  • How expulsion will be handled,
  • How disassociation of an member will be handled, and,
  • How dissolution of the business will be handled.

While the law certainly provides default rules and guidance on these issues, it’s important to tailor governing documents to meet the unique needs of your business.

To schedule an appointment to discuss preparation of your corporate documents, such as meeting minutes, resolutions, bylaws or operating agreements, please call (734) 475-4659. 

The foregoing is general information only and does not constitute legal advice regarding your specific legal matter nor does it create an attorney-client relationship regarding your matter.