Operating agreements are the backbone of every Pennsylvania LLC. This program provides a practical, drafting-focused primer on operating agreements for multi-member Pennsylvania LLCs and is designed for attorneys who want to move beyond forms and defaults. Participants will gain insight into the critical issues that should be considered before drafting begins, including management structure, voting and “major decision” approvals, transfer restrictions, tag along and drag along rights, deadlock provisions, and planning for death, incapacity, divorce, and other involuntary transfers.

This course will equip practitioners to draft operating agreements that reflect client intent, reduce conflict, and stand up when relationships and deals go sideways.

Topics to be reviewed include:

Management Structure and Governance of the LLC
Voting Rights and Major Decisions
Transfer Restrictions
Planning for Involuntary Transfers of Membership Interests
Member Rights and Obligations on Transfers of Membership Interests