A limited liability company (LLC) is often selected as a business entity due to its inherent flexibility. But such freedom cuts both ways should the members fail to delineate the terms governing the operation and management of the LLC, or simply rely on Nevada statutory provisions to provide the operating rules for the company. Recent changes to Nevada’s LLC laws highlight the importance of formulating an operating agreement that is tailored to a company’s specific needs and goals and that also provides a framework for how members and managers will interact.
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