Experienced General Partners or LLC managers

[Anthony Freeman]

Have you ever purchased more property under the same LLC with an existing operating agreement? How did the amendment process go? Did you keep the same agreement?

Is it better to start a new LLC with the same members with a fresh operating agreement?

[Sean Morrison]

Disclaimer: I am an attorney, but I am not your attorney. This is not legal advice, just friendly information.

An LLC shouldn't need a new or amended operating agreement, unless the existing one limits the company to handling just one property. Then it needs to be amended. The rules for amending the agreement should be outlined in the agreement itself. If not, then you'll need to check your state's rules. But essentially, it requires a meeting of the members, and a vote. That meeting is how official decisions are made by the company.

When @Doug Smith says meeting minutes, those refer to the written record of the meeting - who was there, what was discussed and decided on, etc. The meeting could also be about authorizing a new property, and the minutes could reflect that limited authorization. 

Whether you create a new LLC for the new property is a different question. That has to do with liability protection, and there is a ton of talk on these forums about that.