“The 10 Overlooked LLC
Issues People Often Screw
UP!”
Issue No. 9
Reading Your LLC’s Bible –
the Operating Agreement
In order to maintain the “corporate shield” and charging order protection that an LLC offers, you’ve got to give your LLC the care and feeding the law requires and that you have committed to.
If you don’t do what the law requires or what you’ve committed to do, the judge can’t use the laws to protect you.
Don’t take this lightly. LLCs have maintenance requirements, in spite of what you may have heard. They don’t have as many formalities as corporations, but they exist and if you want the asset protection, you’d better pay attention.
How do you know what to do?
The 9th Issue in the “The 10 Overlooked LLC Issues People Screw UP!” Series is Reading Your LLC’s Bible – the Operating Agreement.
There are laws you’ve got to follow to get the benefits you deserve out of your LLC. For example, you’ve got to pay the state fees each year, file your taxes, and don’t commingle money, to name a few.
Following those types of laws are the minimum hurdles. The real asset protection you get is defined by you. The operating agreement is your LLC Bible.
What you write down in the operating agreement determines how strong your asset protection is. Are you going to get the double asset protection? (See How to Double Your Asset Protection eBook for all the details.)
Can you see how important the operating agreement is? Please believe me when I tell you the canned document you got from your attorney or internet legal site isn’t going to cut it.
You need to read your operating agreement. It’s your guide to success with your LLC.
The way you read your LLC operating agreement is to get a bunch of colored pencils or highlighters. As you read, underline everything that requires an “action” or “approval” from the members in one color.
Use another color to underline everything the managers need to do. Underline all “time” elements in a third color.
When you’ve got everything underlined, make lists of all the manager actions required, time elements, member obligations, etc.
This isn’t hard. It will take an hour or so, but it will pay big dividends, because what you’ve done is made a checklist of all the “formalities” your operating agreement requires you to follow in order to maintain your LLC.
When you and your LLC gets sued (they’ll always sue you and the LLC), the lawyer will demand a copy of your operating agreement. He’ll spend lots of time going through it, because he’s getting paid by the hour.
He’ll make the list and go straight down the list in court. If you haven’t done what your own operating agreement requires you to do, the judge’s hands are tied. You’re Toast!
My ex-son-in-law is a litigator. He’s gone after over 100 corporate and/or LLC owners, and had a 100% success rate convincing the judge that the owner doesn’t deserve the corporate shield protection.
This is the stuff your lawyer and internet sites never told you about. Is it important? You bet it is. What’s it worth to you to get it right?
Tomorrow: More Overlooked Details
You Can Get Double the Asset Protection
I’m seeing more people lose their business these days, because they get in trouble personally, than I am seeing people losing their personal assets because their business gets into trouble.
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If you haven’t done so already, pick up the How to Double Your Asset Protection eBook, and get all the details your lawyers never showed you. If you aren’t enlightened and think you can get the double asset protection, just request a refund. It’s that simple.
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Tomorrow : LLC Overlooked Issue No. 10, “More Overlooked Details”
Everything You Need to Know to Double
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