Operating Agreements

The Operating Agreement is an important core document for any company. It is this document that safeguards the members or managers from unnecessary disputes engendered by misunderstandings involving business operations and transactions. Operating Agreements are enforced under State law, so if in Florida, you should use a Florida attorney. The Victoria Law Group will assist you with drafting and executing a precise and clear operating agreement that sets forth the rules agreed upon by all members and thereby minimizing future discrepancies. A strong operating agreement will include the following specifications among others:
a. The purpose and objective of the business
b. The capital contributions provided by all partners involved in the transaction
c. The allocations and distributions of the losses and profits the business may incur during operation
d. The Rules and Guidelines which involve the admission of new members as well as any options for the transfer of ownership
e. Guidelines on how disputes among members can be resolved
f. Confidentiality Guidelines with regards to the names of customers as well as company records
g. Rights of Refusal and Restrictions on Transfer
h. Rules of Indemnification, Arbitration and even Mediation
i. Lastly is the dissolution of the agreement in case parties enter into complex situations which results in disastrous undertakings
All of these specifications will be thoroughly reviewed and taken into consideration so as to provide our clients with an operating agreement customized to both the business and its owners.