The Importance of Operating and Partnership Agreements, Boise, ID

Our goal with either an operating agreement or a partnership agreement is to create a comprehensive contract that becomes the framework for working with your business partners and helps to resolve conflicts in the future.
The key distinction lies in the business structure.
● A Partnership Agreement is ideal between partners in a business, where profits and liabilities are shared. In Partnerships, each partner may still be personally liable for business debts.
● An Operating Agreement applies to Limited Liability Companies (LLCs), where members enjoy limited liability protection. This limits circumstances in which personal assets are liable for business debts.
Common Elements in Both Agreements:● Business Name and Description.● Ownership and Management Rights.● Profit and Loss Sharing.● Exit Strategy and Dissolution Procedures.● Dispute Resolution Processes.

When you turn to a trusted business attorney at McFarland Ritter to draft your operating or partnership agreement, you are securing crucial benefits for your business:
● Protected Ownership Rights: Ownership rights are protected with a declared percentage of ownership, profit and loss distribution, and transfer of ownership processes for each partner or LLC member.
● Avoided Disputes: Clear expectations defer disagreements by outlining who has decision-making authority, how to vote on important decisions, and how to distribute assets if the LLC dissolves.
● Clarified Decision-Making Processes: Decide early the frequency of meetings, approval requirements for financial expenditures, or new business ventures, and how to break through the deadlock of a tie vote.

Our boutique law firm takes pride in personalized attention and dedicated legal expertise. We don’t just draft agreements, we help you build a strong foundation for your business. Here is what sets us apart:
● We give personalized attention and dedicated legal expertise to tailor agreements to your specific needs.● We identify potential issues and address them proactively to save you costs in the long run. ● We offer the sophistication of larger law firms with a focus on individual attention and value.
Whether you are establishing a new business or revising an existing agreement, our business attorneys can guide you through the process. Contact McFarland Ritter online to schedule a consultation. We proudly serve Boise, Middleton, Star, Meridian, Nampa, Kuna, Idaho, and the Treasure Valley.