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Operating Agreement

Discussion in 'Business & Tax Advice' started by GaryWellman, May 20, 2010.

  1. GaryWellman

    GaryWellman Newbie

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    I want to take on a partner in my site, any ideas on how such a thing can be set up. It is pretty straight forward and I thought I could just an "off the shelf agreement" to make it all happen. Ideas?
     
  2. distantmsx

    distantmsx Newbie

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    First, this is particularly relevant to your business type. Personally I recommend a multi-member LLC(file online through your secretary of state) with a DBA(local courthouse/records) for your website's name. Prior to getting a OA done by anyone but your attorney and/or in conjunction with your CPA, you should read if your state has special alterations to LLC OA's in your state, only a few have exceptions. If your going to do it yourself or through a company, personally I recommend hxxp://myllcagreement.com , its low cost(<$100) and is done by you filling out a questionnaire to fulfill all expected requirements and changes that may occur with your business. Also, you should take 51% ownership instead of 50/50, you can levy your OA into your favor every time concerning management, budget changes, chaning OA post initial signing, etc. Easily can create a half dozen ways to oust any unsatisfactory partners legally. If you have any questions about how to do any of this or other business start up questions, feel free to ask.