205 - Why You Need An Operating Agreement Yesterday with Patrick Lane

The Cash Flow Contractor

Considering bringing on a partner in your business? Find out why having a solid operating agreement is crucial for a successful partnership. Patrick Lane shares key insights you can't afford to overlook!

Time Stamps

• 00:05 - Episode & Guest Intro
• 02:57 - The Importance of Operating Agreements
• 05:13 - When Do You Need an Operating Agreement?
• 08:33 - Key Provisions in Operating Agreements
• 11:05 - Navigating Partnership Dynamics and Legal Advice
• 13:02 - The Real Costs of Legal Disputes in Partnerships
• 14:38 - Management and Financial Considerations in Operating Agreements
• 22:33 - Addressing Distributions, Divorces, and Disputes
• 25:58 - Navigating Tax Provisions in Operating Agreements
• 26:45 - The Importance of CPA Involvement in Business Startups
• 27:37 - Exit Strategies and Expulsion Provisions
• 29:00 - The Essentials of Buy-Sell Agreements
• 31:45 - Funding and Valuation in Buy-Sell Agreements
• 36:47 - Ownership and Voting Rights in Business Partnerships
• 40:47 - Employee Ownership: Pros and Cons
• 43:08 - Non-Compete and Non-Solicitation Agreements
• 47:24 - Building a Strong Advisory Team for Your Business
• 52:46 - Final Thoughts and Advice on Operating Agreements

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