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Trusts and estates lawyers form limited liability companies (individually, an “LLC”) for a variety of reasons: liability reduction, the consolidation of estate assets, a mechanism in the event of incapacity, contractual dispute resolution, and the ability to transfer interests with a minority discount are just some examples.  A successful lawyer will use the LLC form to provide all of these benefits and more for the estate; however, for the unwary, drafting the LLC Operating Agreement can thwart some of the best laid plans and resemble a Kardashian wedding banquet.  This article focuses primarily on typical mistakes made in drafting Operating Agreements, but the issues considered herein also translate to the corporate, partnership, or limited partnership arenas.

Click here to read the full article from the Virginia State Bar’s Spring 2015 Trusts and Estates Newsletter.

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