JV Operating Agreement Help

[David Levin]

Hi all! Does anyone have a JV agreement used in IL they can share? Or a standard OA for a JV? I am looking at options and also trying to create my own but would like a comparison and/or use a better option. I do have a RE attorney but he would rather I present the agreement on my own.

I appreciate your help!!

[Greg O'Brien]

@David Levin personally would be careful with templated. In practice as a CPA, we’ve had 2 clients end up in court disputes because of lousy/online OP agreements. Both were thrown out bc the terms were weak/not applicable to state statutes. Also, just two weeks ago there was an interesting Tax Court case where the judge based a lot of his findings on the partners not properly following an operating agreement. I believe your attorney should do this or at least review it.