In late November 2018, MAROUS LAW was retained by a national high-profile influencer, activist, writer and lecturer, to create various operating documents for her previously formed limited liability company. After a few meetings with the client and conducting due diligence, it became apparent that while the client was very successful professionally, the business structure she used to run several ventures could not handle her commercial success. Some of the missing pieces included the need for an Executive Employment Agreement and an Operating Agreement. In the process, the Firm counselled the client on best practices to structure and run her company to avoid potentially damaging errors.
The Executive Employment Agreement, for the company’s Chief Operating Officer (COO), required detailed and various provisions based the verbal understanding between the client and the COO. The provisions included terms and duties, compensation, expenses, vacation, termination, non-disclosure covenants, representations and more. For the Operating Agreement, the Firm ensured that all aspects of the company’s operation were detailed clearly, including organization, membership interest, voting rights, management, capital accounts, allocations and distributions, accounting, records and reporting, transfer and assignment of interests, dissolution, indemnification, dispute resolution, etc.
This matter illustrates well how one may be a highly regarded individuals and be of great influence yet, still, needs reliable and trusted professionals to ensure overall success. This is a responsibility the we understand well and take very seriously. This approach allows the client to shine where she is strong while we handle the rest.