![]() Get a multi-member LLC Operating Agreement template. The LLC Operating Agreement allows control over the LLC and its assets, allowing both to be passed along to surviving family members. The LLC Operating Agreement not only governs terms such as sharing of income and liabilities, it also sets forth the terms governing the liquidation of the entity and the replacement of LLC members.Īn LLC does not have a fixed life term, thus it can remain in existence even after the death of one or more members. A carefully drafted LLC Operating Agreement can help to ensure a smooth transition of control after the death of a key member, making the LLC an excellent option for preserving ownership in a family business. The fundamental terms of an LLC’s ownership, operation and management are set forth in its LLC Operating Agreement. Members possess near-total freedom to define the relationship among the members and the terms governing the operation of the entity. ![]() In an LLC, the members are free to organize the LLC in whatever manner they choose. In fact, an LLC has the potential to preserve ownership for future decades. A Delaware LLC can be very flexible when it comes to preserving ownership in the family business you've worked so hard to create.
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