Cirrus Partnership/LLC agreement (for those who are counting)
- Thread starter asgcpa
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AdamZ
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Adam Zucker
Arthur with all respect an LLC operating agreement in IL may not float in other states. Some sections may transfer but some not. You need to be careful about template legal agreements. They often work great until a dispute or default arises.
asgcpa
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This is true Adam. That's why I put a disclaimer on that they need to consult with an attorney for laws in their applicable state and its not to be construed as legal advice.
midlifeflyer
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Fly
I'm curious - given that someone should contact an attorney for state-specific (and I'd say, transaction-specific) advice, in what way is this superior to the AOPA co-ownership template as a starting point?
asgcpa
En-Route
It has parts of a lot of agreements that we felt worked for us. It has to be tailored for each situation and the laws in each state. We had an Illinois lawyer review it to confirm to Illinois law. It could be a good starting point for people. I am not a lawyer so this isn't legal advice. However I believe the ideas are good. And I'm giving back since others were kind and gave me their templates. If anyone uses it they should consult with a lawyer.
Painter1
Pre-Flight
Good on ya. It's not hard to compare contract law differences from state to state. The phrase "to the fullest extent allowed by law" addresses most of the issues.
As a guy who has had numerous business partnerships, almost exclusively successful, I have learned the following;
No contract will prevent a dishonest or integrity-challenged partner from screwing you and contracts don't make or prevent an honest man from doing the right thing.
As a guy who has had numerous business partnerships, almost exclusively successful, I have learned the following;
No contract will prevent a dishonest or integrity-challenged partner from screwing you and contracts don't make or prevent an honest man from doing the right thing.
SkyDog58
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Canis Non Grata
PM sent.
Being in Illinois, I am sure I might find it a useful and great starting point as intended.
Being in Illinois, I am sure I might find it a useful and great starting point as intended.
I actually don't think the AOPA form agreement is all that helpful. It's almost too dumbed-down.
midlifeflyer
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All it really does is get people thinking abou some of the relationship issues. It focuses on things that should be included, but is not entity-specific. IOW, it doesn't deal with the form co-ownership takes, co-owner, partnership, corporation, LLC, etc.
asgcpa
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Exactly.
asgcpa
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Sorry worked all day today and forgot to bring the file home
....October 15 is another tax deadline 
. Haven't forgotten about everyone...asgcpa
En-Route
To all those who PM'd me with an email address, the redacted agreement with disclaimers was sent out today. Again, I am NOT an attorney and you should consult with an attorney in YOUR state. I only provided it as it is what we used and could be a good starting point for others.
Many Thanks!
asgcpa
En-Route
You're welcome. Hope it gives you some ideas.
txnightster
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PM Sent, thanks!
Bill D.
Bill D.