Operating Agreement: Three Essential Legal Concepts You Need to Know To Fortify Your LLC Business

00:00 The Misconception That May Cost You
00:36 Introduction to Video and Disclaimer
01:47 Knowing the Law is Just the Beginning
03:10 Concept One: Organization Planning and Execution at Strategic, Operational, and Tactical Level
05:04 Example One: Skydiving Business Asset Protection Strategy
18:00 Without the Right Legal Mentality, Your Risk of Loss is High
18:53 Concept Two: The Only Value of a Business Construct is the Litigation Deterrence or Litigation Advantage it Provides
20:14 Example Two: Burger Restaurant Trade Agreement with Local Farmer
24:03 Example Three: Company A Sells TVs to Company B and Buyer Gets Played
28:46 Concept Three: Value of Contract is Relative and Primary Goal in Creating Legal Instrument is to Maximize Relative Advantage Against Foreseeable Threats
31:10 True Purpose of Operating Agreement with the Three Essential Concepts Applied, Why Having an Operating Agreement is a Necessity
37:38 Material Terms of Operating Agreement is State Dependent, What is Caselaw
38:58 Research and Draft Sample Agreement Prior to Lawyer Consultation
40:19 Plans for the Future, My Beliefs, and Outro

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DISCLAIMER: This video provides general information for entertainment purposes only. I am not your lawyer; this is not legal advice. Please read the full disclaimer in the video in its entirety. Seek consultation with a qualified attorney in your jurisdiction before making any legal business decision.