A Layperson’s Guide to the Teamworks Cooperative Network’s Financial and Legal Structures

The legal and financial framework described here came out of three and half years of collaboration with attorney Bart Deamer, a partner at the Silicon Valley office of Bingham McCutchen LLP. Key concepts and terms used in our system are highlighted in bold italics. Those who are interested can use the footnotes to learn more about the technical details of implementation and find the corresponding provisions in the legal documents. Unless otherwise noted, sections and page numbers cited are for the Operating Agreement of TeamWorks Services [location] LLC, which we informally refer to as the “model operating agreement”.