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 Intro02:57 - The Importance of Operating Agreements05:13 - When Do You Need an Operating Agreement?08:33 - Key Provisions in Operating Agreements11:05 - Navigating Partnership Dynamics and Legal Advice13:02 - The Real Costs of Legal Disputes in Partnerships14:38 - Management and Financial Considerations in Operating Agreements22:33 - Addressing Distributions, Divorces, and Disputes25:58 - Navigating Tax Provisions in Operating Agreements26:45 - The Importance of CPA Involvement in Business Startups27:37 - Exit Strategies and Expulsion Provisions29:00 - The Essentials of Buy-Sell Agreements31:45 - Funding and Valuation in Buy-Sell Agreements36:47 - Ownership and Voting Rights in Business Partnerships40:47 - Employee Ownership: Pros and Cons43:08 - Non-Compete and Non-Solicitation Agreements47:24 - Building a Strong Advisory Team for Your Business52:46 - Final Thoughts and Advice on Operating Agreements
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