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Blogs

Notes from the Chief Counsel's Desk

Transferring LLC Membership Interests Part 1—An Overview

Monday, August 19

Say you are a member of an LLC. You own membership interests in the LLC. But what if you want to leave the LLC? What if you get a divorce? What if you have creditors seeking immediate repayment? What can you do with your membership interests? The answer depends on how transferable those membersh...

LLC Operating Agreement: Is a Non-Compete Clause Necessary?

Wednesday, August 14

You and several friends start a new business and decide to operate it as a limited liability company (LLC). Now that you’ve completed the first step—choosing a business entity—it is now important to prepare an operating agreement. The operating agreement is a contract which governs the operation...