Introduction to Operating Agreements in Virginia

(345 Ratings)

Produced on: October 31, 2017

Course Format On Demand

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Course Description

Time 60 minutes
Difficulty Beginner

Limited liability companies have grown in popularity because of their flexibility and lack of corporate formalities. This makes their governing documents, most importantly its operating agreement, all the more important. This course, presented by Pantea Stevenson, a Shareholder at Bean, Kinney & Korman, will discuss key issues to consider when drafting and reviewing operating agreements, and review the default laws under Virginia’s Limited Liability Act. The program will cover articles of organization, member versus manager considerations, capitalization, capital contributions, capital calls, and capital accounts, profit and loss allocation, buyout options, restrictive provisions, allocations and distributions, and fiduciary duties.


Learning Objectives:

  1. Identify the type of operating agreement that will best meet your client’s needs
  2. Discuss default laws under Virginia’s LLC Act
  3. Consider common provisions in operating agreements and when to apply them
  4. Review practical drafting techniques



Faculty

Pantea Stevenson

Bean Kinney & Korman PC

Pantea Stevenson is a shareholder at Bean, Kinney & Korman. She focuses her practice on corporate transactions, corporate law and intellectual property transactions. Pantea combines the knowledge she developed at large international law firms to help her clients in a responsive and value-added manner. She is passionate about her law practice and has successfully assisted entities from startups and non-profit organizations to mid-market and Fortune 500 companies.

Pantea has extensive experience in mergers and acquisitions, corporate governance, commercial contracts, joint ventures, venture capital financing, executive employment agreements, private equity agreements, risk management and dispute resolution. In addition, she is well versed in intellectual property transactions, internet law and patent, copyright, trademark, software and data licensing. 

Pantea also advises for-profit and non-profit boards of directors, and she serves as legal adviser to non-profit organizations. Pantea currently serves on the board of the Greater Reston Chamber of Commerce.

Pantea is dedicated to giving back to her community and has received several recognitions for her work, including the Human Rights First’s Pro Bono Star Award, and she was a member of Leadership Arlington’s 2015 Signature Class. 

Prior to joining Bean, Kinney & Korman, Pantea managed her own boutique corporate law firm. Prior to that, she was an attorney with the law firms of Jones Day and Morgan Lewis & Bockius.

Reviews

PK
Pamela K.

In one hour, Ms. Stevenson laid out all the basic steps very clearly for factors to consider in an Operating Agreement. Well done.

EF
Elizabeth F.

Impressive!

WC
William C.

many facets emphasized

MF
Mary F.

Really good class!

AM
Antoine M.

Presenter was thorough and well-prepared

BS
B.A. S.

The instructor spoke very clearly and provided good examples.

JS
James S.

Good use of sample terms. Thanks.

CH
Christopher H.

Very good presentation

FB
Frank B.

Good class, good materials, although I would have liked a couple of minutes to answer questions at the end.

CL
Chase L.

great lecture

HB
Heather B.

Thank you!

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