Considering bringing on a partner in your business? Find out why having a solid operating agreement is crucial for a successful partnership. Patrick Lane shares key insights you can't afford to overlook!Time Stamps00:05 - Episode & Guest Intro02:57 - The Importance of Operating Agreements05:13 - When Do You Need an Operating Agreement?08:33 - Key Provisions in Operating Agreements11:05 - Navigating Partnership Dynamics and Legal Advice13:02 - The Real Costs of Legal Disputes in Partnerships14:38 - Management and Financial Considerations in Operating Agreements22:33 - Addressing Distributions, Divorces, and Disputes25:58 - Navigating Tax Provisions in Operating Agreements26:45 - The Importance of CPA Involvement in Business Startups27:37 - Exit Strategies and Expulsion Provisions29:00 - The Essentials of Buy-Sell Agreements31:45 - Funding and Valuation in Buy-Sell Agreements36:47 - Ownership and Voting Rights in Business Partnerships40:47 - Employee Ownership: Pros and Cons43:08 - Non-Compete and Non-Solicitation Agreements47:24 - Building a Strong Advisory Team for Your Business52:46 - Final Thoughts and Advice on Operating AgreementsResourcesThe Advisor Mentor ChecklistNeed Marketing Help? We Recommend BenaliNeed Help with podcast production? We recommend DemandcastMore from Patrick LaneWebsiteLinkedInMore from Martin Hollandtheprofitproblem.comannealbc.com   Email MartinMeet With MartinLinkedInFacebookInstagramMore from Khalilbenali.com Email KhalilMeet With KhalilLinkedInFacebookInstagramMore from The Cashflow ContractorSubscribe to our YouTube channelFollow On Social: LinkedIn, Facebook, Instagram, X(formerly Twitter)Visit our websiteEmail The Cashflow Contractor