Real Estate Development Operating Agreement

The typical LLC of a real estate company is managed by an executive member. In this structure, a member with real estate expertise takes care of the general day-to-day management of the company and some important decisions require the approval of all members of the real estate company or a specific percentage of participation. Protecting your real estate LLC through the corporate agreement is essential. Call Edwards Law today to discuss the design process. Over the past two weeks, Edwards Law has focused on limited liability companies – why you want them, how to train them, how to make your LLC bulletproof; and how to protect them if a member of your LLC goes bankrupt. This week, the focus will be on the real estate LLC and some of the provisions you should include in business agreements for rental LLCs. With the typical provisions contained in each standard operating agreement, you and your LLC should include the following provisions in corporate agreements for LLC rental property: cash flow. In addition to the interest incurred or promoted by the developer, the developer is likely entitled to certain fees (e.g.B. development and management fees). These fees and the services to be provided in exchange for these fees are often included in other contracts between the company and the developer. These fees are paid « contrary to the developer`s membership » of the company within the meaning of § 707 (a) code and should therefore not be treated by the company as « distributions ».

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