Mark Kohler explains why partners need to update their LLC operating agreements in writing. Most skip this until a crisis hits, but putting your understandings down when emotions are calm prevents costly disputes later.
If you're in a partnership now and you know that there's nothing in writing, or what you have in writing is terrible, and there's been a lot of handshakes over the years, you can still do this. You can sit down and go, hey, we really need to update our operating agreement. Can we put in writing everything we understand to be the case and the truth? And let's look at some possibilities of some disruption year from now or three years from now. What would we do? Let's put it in writing. And the time to do it is when emotions are low and there aren't storm clouds. So this is something that can be easily remedied. Get out and update your LLC operating agreement.
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