The Essential Elements of an Operating Agreement

The Turner Center for Entrepreneurship and Illinois APEX Accelerator at Bradley University is offering this webinar at no cost to participants to learn the benefits of having an operating agreement along with what the Do’s and Don’ts are. This webinar will show entrepreneurs how to structure their LLC to achieve any desired business scenario. A properly executed Operating Agreement can help ensure economic expectations are clearly established and effective in practice. An Operating Agreement should make clear what authority the managers or members have in relation to the operation of the business. Therefore, the Operating Agreement should provide clarity so everyone’s expectations are on the table going into a business and the likelihood of misunderstandings or future disputes are reduced. Co-sponsors: Illinois SBDC; Minority Business Development Center, Illinois Manufacturing Excellence Center, and Greater Peoria EDC. Registration information will be shared with training partners. Discussion Points: When to choose an LLC as your business entity Member managed vs manager managed Specify what authority members/managers have How to address deadlocks Address how the decisions and authority of multiple managers should be handled Understanding the difference between allocations and distributions Who should attend: The topics will target a spectrum of people from those who have an idea, to those making the leap and ready to start all the way through those who are already formed and want to make sure they are following the proper guidelines to keep themselves and their business protected and moving forward on the best path. Take away: This training will provide the framework that will enable your business to grow and thrive if you are choosing to do business as an LLC and ensure that an LLC is the right choice for the success of your venture. Having a properly drafted operating agreement is critical as it provides a solid foundation for your business, governing everything from management to economic expectations to the very purpose of the business itself. Speaker: Alan Singleton is founder and Managing Partner of Singleton Law Firm. He has more than 25 years of experience working with entrepreneurs to develop legal solutions for companies at all stages of development and build their international intellectual property portfolios. Clients appreciate Alan’s ability to see the big picture and give comprehensive advice with both legal and business considerations in mind. Singleton Law Firm is focused on corporate formation and transactional law (including investment rounds as well as mergers and acquisitions), intellectual property (technology licensing, trademark, and patent matters), and business real estate matters.