The governing document of a business can provide the most basic or very complex rules which govern both the internal and external activities of the business. It is a crucial set of guidelines for the management of the business’ affairs and the regulation of its owners, partners, shareholders, directors and/or managers.
- What is an Operating Agreement? An Operating Agreement, or sometimes called a Company Agreement, is a document that customizes the terms of a Limited Liability Company (LLC) pursuant to the needs of the owners, and summarizes the financial and operational decision-making structure.
- What are Bylaws? The Bylaws of a corporation are contained in a document that sets out the rules, regulations, and responsibilities for shareholders, directors and officers. It serves as a vital piece in organizing management in preparation for a corporation’s growth.
- What is a Shareholder Agreement? A shareholder agreement is an optional document between the shareholders and the corporation stating in detail the shareholder’s rights and responsibilities. The basic intention for a shareholder agreement is to ensure the privileges and protection of the shareholder’s interest.
- What is a Buy-Sell Agreement? A Buy-Sell Agreement is a binding contract between co-owners of a business entity that outlines when the owners can sell their interest and for what price. Additionally, a Buy-Sell Agreement protects business owners when a co-owner dies, becomes disabled, divorces, and/or files bankruptcy.
- What is a Partnership Agreement? A Partnership Agreement is a written document between two or more individuals who join to establish a partnership. This governing document sets forth the nature of the business, capital contributions made by each partner, and the rights and responsibilities of the partners.
Whether its drafting a new governing document for your business or simply reviewing an existing one, the attorneys at Dorman, Bell & Kramer, LLP will guide you and your company through a multitude of safeguards to ensure protection in the event of a dispute or significant changes to the business.