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Showerthought: I paid a lawyer $400 to review my first LLC operating agreement and now I do it every single time
For my first two businesses I just pulled an operating agreement template off some site and signed it without reading past page one, which worked fine until a partner and I split in 2019 and I found out the template said nothing about how to buy out a member. My brother in Portland talked me into paying a lawyer $400 to go through my next one line by line, and she caught three things that would have bitten me later, like a missing clause on what happens if someone just stops showing up. Do you all get a lawyer to review yours, or is that overkill for a small shop like mine?
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gavin_kim28d ago
Whoa, that missing buyout clause thing hits close to home. When you did the $400 review, did the lawyer charge you again the next time you needed one looked at, or did she give you some kind of repeat rate? Trying to figure out if this is a one time hit or a yearly cost I need to budget for.
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