Product Review

Written by practicing attorneys with nationwide experience in drafting and negotiating operating agreements, LLC Operating Agreements Line by Line is a comprehensive explanation of the material provisions and issues that arise among members of a limited liability company when preparing or amending an operating agreement. It explains the reasoning behind the various clauses in the agreement and explores the rationale for using different provisions to help meet the specific needs of the members. This book also discusses the difficulty in enforcing certain provisions of the agreement and examines how to draft provisions to maximize the opportunity for enforcement. The authors offer advice on such topics as the fiduciary duties owed by members and managers of a limited liability company, different membership class structures, profits and losses allocation among the members, restrictions on transfers of membership interests, and methods for evaluating membership interests among the members. LLC Operating Agreements Line by Line is a valuable resource for anyone who has ever negotiated or drafted an operating agreement, as well as for any member who is about to enter into such an agreement.