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Unformatted text preview: a. The rules of operations equivalent to corporate by laws. (Required) b. Members own LLC not shareholders c. Operating Agreement key terms i. Registered office; registered agent; purpose; term ii. Management 1. Manager-managed 2. Member-managed (all, by majority vote) iii. Authority-scope of authority IV. Management a. Meetings no requirement as in company b. Member removal c. Buyout formula i. Right of first refusal offered to exiting members ii. Prevents disputes (Net Assets Value) V. Joint Venture a. See p 766 b. Combination of two or more persons/entities for a project(s) or transaction(s) c. Key Sharing of profits/losses d. Risk sharing i. Enormous Department of Defense contracts ii. High tech projects VI. Characteristics a. Partnership last longer b. SWP Associates on p. 766 JV like a partnership c. Agent can bind entity like partner can bind a partnership VII. Other Entities a....
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- Spring '11
- Business Law