Owners need written agreement on running business
Unless you are the sole member or shareholder of your business, other owners, shareholders, or investors will want a say in how the business is run. You need a written agreement among the owners as to how the business will operate. For example:
- What decisions require a unanimous vote? A majority vote?
- How are profits/losses divided?
- How is the business to be valued if one owner wants to leave?
- Can one owner buy out another owner? If so, how?
- What happens if one owner dies or becomes disabled?
- What is the procedure to resolve disputes?
We have prepared and, when necessary, litigated owner agreements. We can advise you as to which terms would work best for you.