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Richard, Attorney
Category: Business Law
Satisfied Customers: 55310
Experience:  32 years of experience practicing law and a businessman.
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I am about to buy into a LLC (restaurant) with a $10k buy in

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I am about to buy into a LLC (restaurant) with a $10k buy in for a 20% share in the
busiesss, and have received quotes for a legal agreement between 3 & 4 k from lawyers.
Can I draw up my own paper and sign at a notery?
Submitted: 6 years ago.
Category: Business Law
Expert:  Richard replied 6 years ago.
Good morning. It's going to be important that the LLC has an Operating Agreement that spells out all the terms of the various owners in the LLC. The folks putting this LLC together should have this agreement already drafted. You can either have an attorney reveiw this on your behalf or you can review it yourself...but I'm not really sure what kind of document you are talking about drafting yourself.
Customer: replied 6 years ago.
There is now only 1 person involved, the owner of the LLC, and the document I'm talking about drafting is an operating agreement between myself and her
Expert:  Richard replied 6 years ago.

Thanks. You can draft this yourself, but you want to make sure to cover all the contingencies....intitial contributions, what if addtional money is necessary, compensation other than distributions, management decisions--major and operating decisions, sale of interests in the LLC, sale of the restaurant, etc. etc.



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