Let’s say you can’t work out your disagreements with your partners or you’ve otherwise agreed it’s time to walk away. Your operating agreement should establish what’s going to happen once that decision is made. This language can include an agreement as to what will happen to the business and certain property owned by the business. It may also address whether the partners can compete or start new business. A detailed description of what the partners agree should happen if the business is closed can avoid costly and bitter disputes. It is easy for things to become very contentious when a business has come to an end and without an agreement up front as to what should happen, these disputes can escalate into full blown lawsuits (and result in substantial costs).