"Why do I need an operating agreement, partnership agreement, or shareholders' agreement?" Because any game worth playing has rules. (That is, unless you're a fan of Tegwar, in which case you should stop reading and make plans to come to my weekly game . . . and bring your wallet.)
But, back to your agreement. You need a set of rules to govern how you and your partners, investors, members, or shareholders will run your business, and more importantly, to guide you in resolving disputes. If done correctly, your agreement will lay out a procedure for resolving disputes such as: "we need more money, but Bob says he won't invest another dime"; or "Mike owns the majority share of the company and wants to sell it to Anne, but I don't want to sell" or "Steve thinks we should slash prices and target a volume-based profit, but I think we should raise prices and generate a higher-quality product."
I know what you're thinking, "but, Jake, are there not statutes that contain base-line rules for these sorts of things." Indeed, there are, but every business is different and every relationship is different. By relying on statutory minimums, you give up the ability to control the rules of the game. And, as anyone who's played Tegwar can attest, controlling the rules is the easiest way to win the game.
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