Creating an LLC: Why You Need an Operating Agreement

Clint Coons Esq. | Real Estate Asset Protection

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Does your LLC need an operating agreement? In this video, I will discuss why your LLC needs an operating agreement.
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An operating agreement is a crucial legal document that outlines the specific details of how your LLC operates. It serves as a blueprint for the internal workings of your business, covering aspects such as ownership, management, decision-making processes, and profit distribution. A well-crafted operating agreement establishes clarity and structure within your LLC and protects your personal interests.
"They leave the door open." 5:48
Having an operating agreement is essential not only for your LLC but for your safety as well. Knowing the details of your LLC's operations allows you to avoid potential conflicts and protect your assets.
I'll cover the basics of an operating agreement and why you might need one and provide a few examples of how an operating agreement can be used.
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Establish clarity and structure within your LLC with the help or absence of an operating agreement.
If you have any questions or concerns, please feel free to contact us with your questions and subscribe to the channel.
Show Notes:
0:00 Intro
0:15 Misconception
0:55 Why You Want An Operating Agreement
2:25 Officer Provisions
4:32 Charging Order Protections
5:55 When You Sell Assets
6:49 WY LLC Member
8:53 Tax Status
10:28 Death
12:19 Outro
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ABOUT CLINT COONS
Clint Coons, Esq. is one of the founding partners of Anderson Law Group, Clint has grown his legal and tax firm to over 400 employees by assisting real estate investors with creating and implementing solid entity structuring plans. His success in these regards is in large part due to his personal investing experience. A successful attorney, real estate investor, and speaker, Clint has used his innovative and dynamic strategies coupled with knowledge borne from experience to help thousands of people save millions of dollars and build real wealth.
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The information provided in this video should not be construed or relied on as legal advice for any specific fact or circumstance. Its content was prepared by Anderson Business Advisors with its main office at 3225 McLeod Drive Suite 100 Las Vegas, Nevada 89121. This video is designed for entertainment and information purposes only. Viewing this video does not create an attorney-client relationship with Anderson Business Advisors or any of its lawyers. You should not act or rely on any of the information contained herein without seeking professional legal advice.
#llc #operatingagreement #clintcoons

Опубликовано:

26 июл 2024

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Комментарии : 44

@DTSupstateNY 8 месяцев назад

This guy is the real deal, straight gold every video, the number 1 mistake anyone has ever made.. not finding this man first before doing ANYTHING else

@zarni000 3 месяца назад

"LegalDoom...excuse me Zoom" HAHAHA

@michaelbrown5601 11 месяцев назад

Excellent advice! I’ve got a land trust atty who also writes holding company LLC operating agreements on speed dial. Expensive but worth it.

@richruelas 9 дней назад

Excellent advice! Thanks I won’t use do it yourself. You laid out great reasons why to have a good OA

@ClintCoons 8 дней назад

Glad it was helpful!

@Hans_Magnusson 11 месяцев назад

Seems like a good idea! Just because there are legislation with default provisions isn’t a good reason for you to lean back. The way I understand it, it was put in there to have some minimum to fall back on should you not have an agreement in place. So you always want to draft that agreement in order to be in control. Consult your specialist before, or someone else’s specialist will come after you

@movingforwardfco1587 5 месяцев назад

Thanks so much. Great information.

@ClintCoons 5 месяцев назад

Glad it was helpful!

@one900hustler 11 месяцев назад

You are the man

@vvysoc 11 месяцев назад

Thanks for clear and accurate information 👊

@ClintCoons 11 месяцев назад

@vvysoc Thanks for watching.

@hezekiahbergeron3351 9 месяцев назад

Thank you for sharing Clint

@ClintCoons 9 месяцев назад

You bet

@skiz007 11 месяцев назад

I've been so engrossed in your teachings over the past few weeks that I feel I should earn a diploma. My partner and I both believe that your guidance, specifically yours, is all we require to establish our real estate company. Although I wasn't pleased with the initial response from your office, I'm determined and won't give up. Speaking with you, Sir is my utmost desire. I will be waiting for your response.

@ClintCoons 11 месяцев назад

@skiz007 Thanks for watching. Have you attended my 1-day tax and asset protection live stream? I am teaching one this Saturday.

@skiz007 11 месяцев назад

@@ClintCoons I know. I watched it. What I was saying is that I want to hire you for my business formation .

@ClintCoons 11 месяцев назад

@@skiz007 🤣My misunderstanding. If you would like a FREE 30-minute consultation, you can request one here - aba.link/30minSession

@skiz007 9 месяцев назад

@@ClintCoons Hi, I sure did but I need one-on-one contact. I've reached out to your team but seem to make any headway.

@ClintCoons 8 месяцев назад

@@skiz007 Did you schedule a strategy session? aba.link/clintss

@headlibrarian1996 11 месяцев назад

I understand a title or escrow company wanting to know if the signing officer has authority to sell the LLC's property, but why do they care who the member(s) are? Why assign membership in the operating LLC to the holding LLC rather than make the holding LLC the initial member of the operating LLC? Also, a grantor trust would seem to work as well in many cases as a holding LLC. The trust, after all, doesn't have to have your name in its title and they don't have annual fees or reports.

@ClintCoons 11 месяцев назад

Title wants to verify that who the ultimate owners are because nothing is listed in the public record so they are doing their DD. You assign ownership to make it easier to open accounts or deal with title if a 3rd party asks to see a copy of your LLC operating agreement.

@Mis-AdventureCH 11 месяцев назад

Bang'n jacket.

@FireyCam 11 месяцев назад

Would an operating agreement have to be adjusted if you foreign file your business in another state? Say the formal is WY and the foreign be MI

@ClintCoons 11 месяцев назад

No it does not.

@thabisomaifadi5575 11 месяцев назад

Clint is God send, I am in a good space because I will be starting everything new and clean , but I am in South Africa ,not sure how I will get the Wyoming access or how will everything taught work for me in SA😊

@ClintCoons 11 месяцев назад

It will work the same for you as it does anyone who invests into the states. Best to check on how the income will be taxed to you.

@thabisomaifadi5575 11 месяцев назад

@@ClintCoons thank you, as always, Know that you are shaping the world and for that you will be blessed!✌🙏

@tarunwalia2620 6 месяцев назад

Good explanation on LLC but need to clarify that (1) How can i apply ? and (2) Assist of a company can apply

@ClintCoons 6 месяцев назад

If you would like a FREE 30-minute consultation, you can request one here - aba.link/30minSession

@blezz3d 9 месяцев назад

what if I have already have registered with the Florida state secretary and business tax registration as a SOLE MEMBER / AMBR? How do i protect myself through my operating agreement on a single member LLC in the state of Florida?

@ClintCoons 9 месяцев назад

You need to add another member - possibly a family member or move your ownership to a WY LLC.

@Daretobepresent 4 месяца назад

"legal doom" 😆

@zehuazhou3390 7 дней назад

Are all these items valid in all states? If I add a "charging order provision" in my WA LLC OA, and if WA law does not allow it, then will my OA become invalid?

@ClintCoons День назад

No it just wont have the same effect as it would if the LLC was a WY LLC.

@theguy2605 4 месяца назад

Hey im in illinois i need an operating agreement can we set up a consultation

@ClintCoons 4 месяца назад

If you would like a FREE 30-minute consultation, you can request one here - aba.link/30minSession

@deniserinehamer7874 10 месяцев назад

FREE STRATEGY SESSION ITS NOT TRUE.

@melhoresprodutos8899 10 месяцев назад

Hello CLINT, I think here if a person does not have an LLC or perhaps has an LLC, if a good alternative to avoid probate and have few costs can be put the Form "Transfer by Deed of Death" in Wyoming or other 29 States that Do we accept this type of procedure?

@ClintCoons 10 месяцев назад

What you refer to as a ladybird deed and it would not apply to an LLC owned property because the LLC does not die.

@melhoresprodutos8899 10 месяцев назад

@@ClintCoons Thanks

@headlibrarian1996 7 месяцев назад

@@ClintCoons Florida allows Pay On Death/Transfer On Death for stock and LLC interests. Add an appropriate clause to your operating agreement or corporate bylaws and bypass probate (and it will override your living trust, if you have one).