Governing documents consist of shareholders agreements and bylaws for corporations, operating agreements for limited liability companies (LLCs), limited partnership agreements for limited partnerships (LPs) and partnership agreements for partnerships. They are super important. There is a world of difference between good ones and bad ones. Good ones will address a handful of important things: ownership, meetings of shareholders, management, meetings of management, transfers of interests, allocations of profits and losses, allocations of distributions, dissolution and liquidation, and rights and remedies of shareholders and management. In spirit they are all very similar, but each differs greatly depending on the type of entity and the specifics of the deal terms involved. You’ll get a lot out of these videos. The next video discusses ownership.
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