I don't know how it's possible that i discovered your channel but in 2023 when it's been there for more than 10years. Thank you very much for the beautiful work. THE MOST BEAUTIFUL PART OF YOUR TEACHINGS IS THE WARNINGS AND GUARDS YOU TELL YOUR VIEWERS.....I LOVE IT MENNN...I LOVE THOSE PARTS BECAUSE IT PROVES YOU'RE GENUINELY TRYING TO HELP PEOPLE and not just making videos for views. You want people to succeed. And when people don't understand, you try as much as possible to give further insights through the comment section.
Wow, so generous of you to share your brilliant contribution with your students! Many thanks for your unique contributions to the industry! You are highly respected!!! Thanks again!!!
Clint, super helpful along with the previous vid on why you need an OA. Could you do a video on unique or key provisions you need in an OA if your member is a qualified ret. plan like a SDIRA or a Solo401K?
Hi Clint, great info. I am a bit confused on your 3rd clause. Isn't it true that if you have regularly scheduled distributions in your operating agreement, then a potential creditor could argue that they are entitled to those regular distributions?
Your suggestions for these provisions are very useful. Thank you so much for sharing these Legal GEMS! Your explanation on each of these was very helpful to understand the need. Then you have followed that up with a link to your Google doc. with the legal wording so we can add as needed to our unique LLC's. You are the best Attorney on RU-vid and wanted to say THANK YOU so much for all that you do!
Clint, in the case that one of the llc members decides to liquidate their equity and they are fully vested to sell 100% of their equity, how and where in the operating agreement would you indicate that for any available shares, the majority equity owner has first right to purchase those shares or to equally divide those shares amongst remaining shareholders or founders?
Please help i cannot find your link on this subject matter. Also this was a very good video. You reminded me of an attorney who setup my 1st company. Once everything was completed he sat down with me in his offices and showed me fhe Indemnification cause l. That he did for my company many years ago.
Okay I am not going to be a lawyer I know enough to organize that I will do that when I have a need Right now I don’t even have a pillow to put in a house
It would depend on the type of LLC operating agreement. If you would like a FREE 30-minute consultation, you can request one here - aba.link/30minSession
Question: If you have a provision that the Manager alone at his discretion must authorize all distributions, but the charging order is against the manager, do you now have a situation where he would be forced to authorize a distribution?
This is great info, Clint! Thank you for doing this! One question, is this also for single member LLC’s? Also, I see many blank lines wishing your Operating Agreement document. Not sure what I am using to fill those in. Would you mind guiding us with this?
Question: If you live in a city that you have to file a business city license,... and they want to know the owner or an agent's name with a copy of their driver license. How would you set this up for anonymity? I'm not sure if the city keeps a public database for anyone to publicly sees who is the owner of the business license. Assuming there is already a wyoming llc used for privacy for filing the business license in the city.
As much as this video deserves and needs more views, a part of me is glad it doesn't. If every LLC entity implemented your wisdom, the system would have more reason to restrict some of those abilities.
It's not so much about more people watching the valuable information. It's that this kind of video is designed for a specific audience, remember the 90% of people aren't interested in learning or are lazy and won't take time to look these rules up
Thank you for doing this! I have my operating company in California that’s owned by a holding company in New Mexico. Can I take money from operating company directly or is it supposed to flow through holding company?
If you have no direct ownership of the operating company you must first transfer funds to the holding company, then to yourself. If you transfer directly to yourself you open the door for a plaintiff's attorney to argue that they should be allowed to sue the holding company directly, putting everything else in that holding company at risk.
@@bergencounty6602 New Mexico is another "no public listing of members and managers" jurisdiction, like Wyoming is. I assume that's why the OP is using it.
Thank you for this information. What if One wanted a provision prohibiting dissolution altogether? What would the strongest, while still enforceable, form of such a provision look like?
@@ClintCoons Setting aside enforceability concerns, there can be high aesthetic value in the creation of something you can be certain will continue in perpetuity even if everyone else abandons said something.
