LLCs have become increasingly more popular as a choice of entity for closely-held business owners, which puts a premium on exit planners having to familiarize themselves with how LLC operating agreements work. With that in mind, this course reviews the anatomy of a well-designed LLC operating agreement, and will utilize an operating agreement that was drafted for a multi-generational family LLC. This class will review selected default rules of Delaware LLCs as well as discuss selected valuation traps and opportunities in LLC operating agreements.

The class will also cover the important provisions of a well-drafted LLC operating agreement with a real LLC operating agreement form that all students will receive. Students will learn about selected default provisions in the Delaware LLC law, with a view toward making their own list of default rules for the laws in their jurisdictions. The class will review valuation and important exit issues lurking in LLC operating agreements.

The course requirements are comprised of a comprehensive video lecture which will be followed by a multiple choice test.