LLC Operating Agreement - Important For Asset Protection?
Hello,
I am getting conflicting reports from two different lawyers. One tells me that the wording of the LLC operating agreement is important to maintaining the corporate veil and for protecting personal assets.
The other lawyer tells me that the wording of the operating agreement is not that important; that personal assets will be protected as long as you maintain seperation between personal and LLC assets and generally do everything else that is necessary to maintaing the LLC (i.e. annual reports, etc.)
If anyone can offer me any advice on this, I would really appreciate it.
Thank you!
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