Real Estate LLC Operating Agreement - 1642 Downloads

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Real Estate LLC Operating Agreement
File Size: 48 KB
Downloads: 1642
Uploaded on: 2015-11-16 10:53:00
File Name: Real-Estate-LLC-Operating-Agreement.docx
Download: Free
A real estate LLC operating agreement is used by real estate limited liability companies to separate the individual owners from the company as a whole. Using an operating agreement allows for the owner or owners of land or real estate assets to focus any legal issues concerning their property towards the LLC rather than towards any particular owner. It is a fair and legal way to ensure the continued prosperity of the LLC and its owners. The real estate LLC operating agreement format ensures the individual owners’ liability protection from any legal action regarding their property. It is necessary for the content to state the transfer of the title of the property from the individual to the LLC. Liability may transfer to the individual if there is negligence regarding the property, especially if the operating agreement does not specify what is to happen in case of neglect. There should be a basic framework establishing the role of the property owners, including the general duties concerning maintenance, financial responsibilities, and what should be expected if an owner leaves the LLC. This real estate LLC operating agreement sample is based on the formation of a small LLC with six different properties (a parking garage, four rental homes, and a small business). The owners of the properties state the individual assets included with their properties, their individual roles and expectations within the company, and the various actions needed if there is negligence towards a property or if a member of the LLC leaves.

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