Governance Review

"Governance” refers to the framework of rules and procedures balancing the interests of an organization's stakeholders, with goals of accountability, transparency, fairness, and responsibility.  This framework is normally driven by a mix of contractual and statutory obligations.  For LLCs and partnerships, many of these obligations are found in the operating agreement or partnership agreement.  For corporations, these obligations are largely influenced by state and federal statutes, as interpreted by the courts.

Healthy organizations ensure that stakeholders’ obligations to each other are fully understood not just by ownership, but by management and key employees, too.  Even healthier organizations have systems in place to ensure that understanding leads to action.  It’s one thing to establish rules; it’s quite another to follow them.

Regardless of whether your business is an LLC, partnership, corporation, or something in between, Grindstone can help ensure your governance is sensibly documented and well understood.  We can also advise on practical solutions for translating obligations into action, equipping managers with tools to guarantee accountability, transparency, fairness, and responsibility.