Starting a new company is kind of like playing golf. In golf, if your club face and/or your swing plane is off by just a degree or so on your first shot, you're going to end up 30-40 yards off target, in the rough (or worse), and scrambling to make par. In business, if your company doesn't get off on the right legal trajectory, you may find yourself in court, which will cost you more than a few strokes on your scorecard.
Read MoreWithout an operating agreement, the operation of your multi-member LLC will be governed by statute. If you don't want to learn the ins and outs of the LLC statute in your state, it's probably a good idea for the LLC members to carefully consider, negotiate, and execute an operating agreement.
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