Starting Out
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated about 3 years ago on . Most recent reply
How to Change the percentage of membership in Operating Agreement
Hello BP!
Newbie here, asking for help.. I am from FL, my spouse and I started an LLC (partnership) and last Sep 2021, and the LLC is 50% for each member. We were able to close on a Townhome last week and of course we want it to be in our LLC.
We made a decision to do a DSCR loan and our lender asks us to redo the percentage of membership on the operating agreement. My spouse will have 85% (since her mid credit score is higher than mine) and mine as 15%. I have been searching but I might be typing incorrect information. How do we Change the percentage of membership in Operating Agreement? Do we go to Sunbiz or just make another operating agreement? I am not really sure how it works.
Thank you in advance!
Most Popular Reply
Not a lawyer, but you should be able to amend the OA and have both parties (you and your wife) sign off on it.