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Drafting LLC Operating Agreements, Part 1

Total Credits: 1 CLE

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Business Law
Paul Kaplun
Original Program Date:
Dec 05, 2023
Never expires.


LLC operating agreements may be the most commonly document drafted, reviewed and negotiated by transactional counsel. These documents define the governance, information and liquidation rights of members, allocate economic rewards, sometimes establish restrictions on members or their interests, and can assign or alleviate liability.  The tax provisions, too, are highly complex, defining allocations of tax attributes and rights to cash and property distributions. Fiduciary duties may also be modified in a way that is not possible in other types of entities. This program will provide you with a practical guide to drafting the most important provisions of LLC operating agreements.


•    Drafting the most important provisions of LLC operating agreements
•    Planning for different types of capital contributions – capital v. services, current contributions v. future capital calls
•    Management provisions depending on whether the LLC is member-managed v. manger-managed LLCs
•    Fiduciary duties of members, modifications, and the “LLC opportunity doctrine”
•    Restrictions on transfers of capital and profits interests
•    Relationship between tax allocation and property distribution provisions, including IRC Section 704(b) accounting



Paul Kaplun Related Seminars and Products

Venable, LLP

Paul Kaplun is a partner in the Washington, D.C. office of Venable, LLP where he has an extensive corporate and business planning practice, and provides advisory services to emerging growth companies and entrepreneurs in a variety of industries. He formerly served as an Adjunct Professor of Law at Georgetown University Law Center, where he taught business planning.  Before entering law practice of law, he was a Certified Public Accountant with a national accounting firm, specializing in corporate and individual income tax planning and compliance.  Mr. Kaplun received his B.S.B.A., magna cum laude, from Georgetown University and J.D. from Georgetown University Law Center.