In a relatively short period, the versatile LLC has become a popular option among attorneys and business owners, whether used for business, tax, asset protection, or estate planning purposes. The main reason for this popularity is because LLCs are incredibly flexible and effective vehicles for financing, organizing and operating business enterprises and ventures. However, in order for the business or venture to function properly, the management, capital structure, and termination of the LLC must be properly and adequately addressed in the operating agreement, the document that defines the rights, duties and relationship among the members.
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