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Chapter 2. First Steps > Summary - Pg. 41

First Steps 41 Figure 2.13. Illustration of the right of first refusal. Partnership and LLC Considerations Partnership and LLC agreements will have additional clauses peculiar to their form, including: · Profit and Loss Allocation. Because profits and losses may be allocated according to owners' wishes, the partnership agreement and LLC operating agreement should set forth the propor- tions for allocations of profits and losses. · Capital contributions. Partnerships and LLCs may have capital contribution requirements, which