Going into business with partners and investors can be the best path to success for you. And while you inherently trust your new business partners, you still need to protect your interests and the interests of all involved in the venture. To do that within the five boroughs of New York City, rely on a top operating agreement attorney to draft your business operating agreement. The skilled lawyers represent individuals and businesses, and they provide the highest quality legal services without charging big firm legal fees. They live by their motto: Helping clients get the results they need.
What Are Shareholder and Operating Agreements?
Shareholder and operating agreements provide a means for clearly defined responsibilities, accountability for participants of a deal and transparency regarding the transactions of a business. They protect everyone going into a business with other parties. An operating agreement lawyer gives everyone involved in the business the best vantage point for success.
Shareholder and operating agreements require highly skilled lawyers, such as the experienced business law attorneys at the Albert Maimone & Associates, P.C. law practice, New York City’s premier real estate law and business law specialists. The best business operating agreement professionals in this boutique law firm practice in all five boroughs of NYC — Queens, the Bronx, Manhattan, Staten Island and Brooklyn — as well as in Nassau and Suffolk counties.
Why Should I Have a Shareholder/Operating Agreement?
In an unincorporated organization, if more than one person owns your rental property business, you need a shareholder/operating agreement. Have it drafted or reviewed by a team of seasoned shareholders agreement lawyers skilled in real estate law and business law to protect you and your business.
Have your NYC operating agreement lawyer review any operating agreements drafted by other members’ attorneys for your small business. Hire an attorney who represents individuals and businesses, especially if you’re a minority member who owns a smaller share of the business. Often the generic templates do not favor the minority member, which can also limit meaningful involvement in the business.
A shareholder/operating agreement clearly describes who owns the business, who contributes what to the business and who gets how much of the business profits. Other critically important details of an operating agreement for LLC and shareholders agreement include:
- Managing the day-to-day affairs of the business
- Determining who has which responsibilities
- Making monumental business decisions like bank loans
- Determining responsibilities for the business and obligations of its members
- Allowing for management provisions
- Being fair to the minority members who own a smaller share of the business
- Including non-competition, confidentiality and intellectual property obligations
- Having a plan for dissolution of the business
- Dealing with the death of a member
- Setting up buy-sell, right of first refusal and buy-out provisions
- Foreseeing possible issues with a specific kind of business, such as rental properties, and render the correct legal wording that protects all parties
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What About a Partnership LLC Agreement or Operating Agreement S Corp?
In the complex overlapping systems of business law, accounting standards, tax law and real estate law, you must work with a legal team that understands the concerns and needs of small and medium-sized businesses and business owners, no matter how you’re formed. The shareholders of an S Corp or partners in an LLC appreciate the expertise your NYC operating agreement attorney brings to the table.
Being proactive helps avoid serious harm to all members of a business: owners, shareholders and management. Because of the varying legal, financial and tax responsibilities your business has, depending on how you’re structured, a business operating agreement attorney benefits all parties involved by:
- Drafting and reviewing agreements
- Taking into careful consideration the kind of property you own, your location in New York City and the context of your business
- Creating a detailed document that serves as the foundation for your successful business model
- Possessing a scrutinized legal document that protects your interests
- Detailing the record of who else is involved with you in the business
Your operating agreement lawyer:
- Provides skilled representation of your best interests
- Furnishes dependable advice about your business
- Ensures your partnership LLC agreement sets up all partners for equal success
- Remains loyal to the shareholders of an operating agreement S Corp
- Represents you and your partners and investors in civil litigation, landlord/tenant cases, real estate litigation and any other types of disputes
What Are the Critical Issues a Shareholder/Operating Agreement Should Address?
At the simplest level, a business owner provides a product or service, a customer pays for it and the business makes a profit. When purchasing an existing company,forming a business or taking on an investor, setting up the shareholder/operating agreement before any money changes hands offers the most protection for the financial future of all parties.
The shareholder/operating agreement sets up the rights and responsibilities of the members of the organization and defines how the business operates. This legally enforceable document establishes the authority to run the business and make ordinary day-to-day decisions. A few of the critical issues contained in the agreement include:
- Setting up provisions and rules for your business’ operation
- Determining who manages the company
- Describing how and when the profit is distributed
- Outlining how disputes are resolved
- Defining non-competition requirements
- Establishing valuation of shares
- Deciding on shareholders’ rights and responsibilities
- Protecting the interests of the minority members
Where Can I Find Expert Help with Drafting or Reviewing a Shareholder/Operating Agreement?
All the members of a business — the investors, shareholders and owners — should seek legal counsel to draft or review a shareholder/operating agreement. The default New York limited liability company law doesn’t fully protect the members of a small business with more than one owner, especially the minority members.
Finding expert help with real estate law to draft or review your shareholder/operating agreement must be a top priority before you start your business or accept investors’ financial support. Contact the best Queens boutique law firm with in-depth knowledge of real estate and business law. The team at Albert Maimone & Associates relies on a client-centered approach. They offer dependable advice and skilled representation. Receive a free consultation and case evaluation, and expect them to review your legal matter within 48 hours.