Management of the Organization.
Remember “who’s on first”, the routine that Abbott and Costello made famous (yes I know I’m dating myself – but it’s well worth the time – and here’s the link (https://www.youtube.com/watch?v=kTcRRaXV-fg). Well, maybe that’s a slight diversion but, getting back to the point, it’s important to understand who is taking management responsibility in the company and what the limits of that person’s responsibilities are. It is important to consider who can sign contracts, write checks and whether or not there dollar limits to these rights. Who can make important company decisions (e.g. sale of the company, addition of a new member)? Should they be decided by a simple majority of the current members or a supermajority or maybe unanimous consent? Every business and every relationship is different and there is no one size fits all for these decisions.
Next installment, Universal Issues – Disposition of Interests, and remember, ALWAYS CONSULT AN ATTORNEY FIRST.