205 - Why You Need An Operating Agreement Yesterday with Patrick Lane

00:05 - Episode & Guest Intro

02:57 - The Importance of Operating Agreements

05:13 - When Do You Need an Operating Agreement?

08:33 - Key Provisions in Operating Agreements

11:05 - Navigating Partnership Dynamics and Legal Advice

13:02 - The Real Costs of Legal Disputes in Partnerships

14:38 - Management and Financial Considerations in Operating Agreements

22:33 - Addressing Distributions, Divorces, and Disputes

25:58 - Navigating Tax Provisions in Operating Agreements

26:45 - The Importance of CPA Involvement in Business Startups

27:37 - Exit Strategies and Expulsion Provisions

29:00 - The Essentials of Buy-Sell Agreements

31:45 - Funding and Valuation in Buy-Sell Agreements

36:47 - Ownership and Voting Rights in Business Partnerships

40:47 - Employee Ownership: Pros and Cons

43:08 - Non-Compete and Non-Solicitation Agreements

47:24 - Building a Strong Advisory Team for Your Business

52:46 - Final Thoughts and Advice on Operating Agreements