Absent language to the contrary in an Operating Agreement, “equal participation” means all partners have equal rights and authority to participate in the management of the business. This means each partner has one equal vote when it comes to decision making. Obviously, this can get tricky when you have an equal number of partners. So, what do you do when …
Why You Need a Buy-Sell Agreement
Changes in small business ownership can be costly, and negatively impact the business. If you are in a small business partnership, you should establish a buy-sell agreement to pre-determine what will happen if one of the partners leaves the business. You may not anticipate that either of you will leave; however, death, divorce, changes in circumstance, a risky economy and …
