LLC Operating Agreement

[Nate R.]

Do I need a special operating agreement drafted for the purpose of holding a long-term rental in an LLC? Or is it sufficient to use an "off-the-shelf" version I can buy online?

[Scott Schultz]

I dont know the laws of your state, but in wisconsin the entire purpose of an Operating Agreement is to put in writing the duties of the members, their positions, the % of say their vote has as well as compensation, and liabilities, I am a sole member, so i have 100% vote, 100% say, 100% compensation, as well as 100% liability for the operation of the LLC, Wisconsin does not require an Operating agreement, but if you dont have one, and have multiple members, the State Statute lays it out for you. You will need to read up on what you state says about it.