LLC Operating Agreements: Why They Matter, What Can Go Wrong, and Key Components

This training provides an overview of limited liability company (LLC) operating agreements: what they are, why they matter, and the types of issues they are designed to address, including what could go wrong. Attendees will learn how an operating agreement functions as the internal “rulebook” for an LLC and why it is important to adopt a written, customized agreement that has been reviewed by both a tax specialist and an attorney. The training will cover key drafting considerations, commonly defined terms, common necessary provisions, and member governance mechanics. Participants will leave with a practical framework for reviewing an operating agreement, identifying issues to discuss, and next steps to consider with their lawyer’s guidance.

This training is made possible by funding from the City of Seattle Office of Economic Development.

About the Speakers

Jessica Roberts is an associate in Davis Wright Tremaine’s Business Transactions practice group in Seattle and her practice includes mergers and acquisitions, franchise law, and Federal Indian and Tribal Law. She holds a B.A. from the University of Notre Dame, a Master’s degree from Harvard University, and a J.D. from Seattle University School of Law. She is also part of the Governing Council for the Northwest Indian Bar Association.

Ellie Pakzad is an associate in Davis Wright Tremaine’s Business Transactions practice group in Seattle. She focuses her practice on mergers and acquisitions, joint ventures, and other business transactions, and works with clients across industries, including healthcare, franchise systems, and private equity. She earned her J.D. from the University of Washington School of Law and is admitted to practice in Washington.