Operating Agreement ideas for an LLC

[BJ Gibbs]

Two partners and I are doing our first investment together and we want to do so under an LLC.

We are trying to decide on how to structure the operating agreement which allow for flexibility for us to use combined funds for renovations but also to be able to withdraw funds for distributions. We also want a standard structure to be able to make decisions. I don’t know what has worked best in these types of situations.

Any suggestions on what is typically done and/or any templates we can use?

Thanks,

Ben

[Lance Lvovsky]

Did you ask your attorney? Drafting an operating agreement or utilizing a template is a terrible idea and often results in a mess after the fact. Spend a little money and do things correctly. That is my advice to every client.