Hi everyone,
I’d like to see if anyone out there who has been operating an LLC for rental properties would be willing to send me a copy of their operating agreement? I’ve searched online and have downloaded many different examples, but I thought it may be better to get one from someone who owns rentals.
Here’s some background on how we do things (in case anyone has any suggestions of how to structure it).
My wife and I are the only members. We both want equal say and control. We won’t be partnering with anyone else in the future. We have a business bank acct for the LLC and use that exclusively for our business. We want to be able to deposit money in the acct as we please to provide for additional property purchases. We don’t take any distributions from the LLC right now and probably won’t for the next several years as we try to acquire more properties.
I want to keep things as simple as possible. I know some of the operating agreement samples I downloaded are much too simple as they are only 4-5 pages.
Thanks.
You need an operating agreement drafted for your individual situation. Samples and ones from another LLC are worse than useless unless you know why the particular language was used.