Wiley Legal Counsel, LLC advises clients wishing to start new businesses or restructure existing businesses. Starting a new business is an exciting time and requires advance planning for how to handle new growth phases. Most clients choose to set up a Limited Liability Company or “LLC” because they provide flexibility in how the company operates and is managed, in addition to favorable tax treatment, and of course limited liability for the owners.
A typical set of start-up LLC documents includes the Articles of Organization, an Operating Agreement, and various forms for the client’s business moving forward depending on the client’s unique needs. When the LLC enters a new growth phase, and from time-to-time throughout the operation of the company, the company needs to review its Operating Agreement to ensure it is still meeting the needs of the members and managers and to ensure that the members and managers understand what is required of them.