The Importance of the “Purpose” Clause of the LLC’s Operating Agreement
In an article recently published in the Journal of Passthrough Entities, I considered the importance of a customized “purpose” clause in an LLC’s operating agreement (guidance which is equally applicable to partnership agreements) and the consequences of a generic “any lawful purpose” provision. That article is Purpose: If You Do Not Know Where You Are Going, How Will You Know If You Have Arrived, 20 J. Passthrough Entities 37 (Nov./Dec./2017).
HERE IS A LINK to the article.
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