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Limited Liability Companies in Tennessee: Drafting the Operating Agreement - On-Demand
Webinar now available on-demand.
Tennessee actually has two LLC statues: The Tennessee Limited Liability Company Act (the Old Act) and the Tennessee Revised Limited Liability Company Act (the Revised Act). The Old Act applies to all LLCs formed before January 1, 2006, unless the LLC has elected to be governed by the Revised Act. The Revised Act applies to all LLCs formed after January 1, 2006, and to those LLCs formed prior to that date that have elected to be governed by the Revised Act. The two LLC statutes are very different.
An operating agreement for a single-member LLC is very different from the operating agreement for a multi-member LLC. Operating agreements for single-member LLCs are usually simple and brief. In contrast, operating agreements for multi-member LLCs are among the most complex of legal documents you may encounter.
In order to learn more about the ins and outs of operating agreements in Tennessee, participate in this in-depth webinar on-demand. Presenter Alexander Davie will explain what the operating agreement for each management structure should address as well as key provisions. He will also include a sample operating agreement. This is one on-demand webinar you don’t want to miss!
- Management structures
- State statutory fiduciary duties
- Exculpation and indemnification
- Purchase options
- Rights of first refusal
- Allocations and distributions
- Allocation methods: “layer cake” v. “target capital accounts”
- Tax treatment of a receipt of a membership interest in consideration of services
- Regulatory allocations
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Limited Liability Companies in Tennessee: Drafting the Operating Agreement — is just $157.
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About Your Presenter
Alexander J. Davie
Corporate and Securities Attorney
Riggs Davie PLC
Alexander J. Davie is a corporate and securities attorney with the Nashville law firm of Riggs Davie PLC. Mr. Davie’s legal practice encompasses a wide variety of corporate, finance, and real estate matters. He has worked extensively with entrepreneurs, startups, and emerging companies on all aspects of their businesses, including company formation, business planning, mergers and acquisitions, vendor and customer contracts, corporate governance, debt and equity financings, and securities offerings. He has also drafted the formation documents of a number of private funds, including hedge funds and real estate investment partnerships. He also counsels investment advisers on their regulatory obligations, such as initial state or SEC registration and ongoing compliance with advertising rules, fiduciary standards, and policies and procedures.
In addition, Mr. Davie has represented investment advisors, securities brokers, hedge funds, private equity funds, and real estate partnership syndicators in numerous private offerings of securities and in ongoing compliance. Prior to returning to private practice, he served as the general counsel to a private investment fund manager. Mr. Davie is active in the Nashville Bar Association, serving as chair of its Business Law Committee. He earned his Bachelor of Arts degree in economics at the University of Pennsylvania, graduating magna cum laude; and his Juris Doctor degree at Duke University School of Law, graduating with high honors. While in law school, Mr. Davie served as the managing editor of the Duke Law & Technology Review. In addition, he earned his Master of Education degree in organizational leadership from Peabody College at Vanderbilt University.