Welcome back. Now that we've agreed not to rely on a one-size-fits-none agreement, you're probably thinking: "What should my operating/partnership/shareholders' agreement say?" That's easy: whatever you (and your members, partners, investors) want.
No, really. That's the truth. You decided to hire a lawyer because you want to exercise control over the rules governing your new business venture. Now you get to exercise that control.
You can agree that nobody will be required to contribute additional capital. You can agree to sell the company only by unanimous consent. You can agree that the majority owner, or some percentage of ownership has the final say on selling the company, borrowing money, issuing new equity, or nearly anything else.
This is where picking the right lawyer is critical. Find someone with experience in your industry or your form of business entity. But, most importantly, find someone you trust. A good lawyer can use their experience to point out issues you may not have considered, and can suggest strategies to avoid big problems down the road. And, if you don't know who to call, call me.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
