LLC Operating Agreement Template?

Question

Anybody have a template for an operating agreement for an LLC or care to share theirs with me?

I'm getting a loan through US Bank and they want to see operating agreements for my business LLC and the LLC that'll hold the buildings.

Brandon Sturgill · Answer

Informal: for a bank account...you'll need to format. Or email me and I'll share. This is not legal advice. Good luck!

Operating Agreement CY2016

• Formation- Name, LLC is registered in the state of STATE as a sole member for profit entity, effective DATE, as evident by STATE Secretary of State Certificate #999999.
• Overview- NAME, LLC currently operates a real estate division that is responsible for the acquisition of single and multifamily property for the purpose of rehab & resale, and buy & hold investing strategies. The entity is structured with the following divisions:
• Retail Sales & Acquisitions
• New Investor Sales & Acquisitions
• Professional Investor Sales & Acquisitions
• Internal Real Estate Investing
• Training, Coaching, Consulting, and Education
• Property Management

• Location- NAME, LLC. has a physical address at PO Box XX, CITY, STATE. ZIP.

• Purpose- NAME, LLC exists to ensure internal and external investors receive the maximum return on every real estate investment and receive the highest standard of customer service in the industry. This is achieved through analyzing and assembling deals through a series of proprietary steps that return maximum profit. Effectively, NAME, LLC is involved in buying and selling real estate.

• Staffing- STAFF, holding a real estate license in the state of STATE (#9999999), and occupying the position of VP Operations has discretionary and absolute decision making ability on behalf of the LLC.

• Taxes- NAME, LLC. complies with any and all necessary state and federal tax obligations and uses CPA Accountants in CITY, STATE for the preparation of all tax related documents.

• Banking- All funds of the LLC will be deposited in a separate bank account or in an account or accounts of a savings and loan association in the name of the LLC as determined by the VP of Operations.

Jeff Kehl · Answer

@Jordan Moorhead why not just pay a local attorney a few hundred bucks to do it? Or, use legal zoom or similar service for even less. If you don't want to do that why not just take title in your personal name and skip the LLC?

If you don't have a decent operating agreement I doubt the LLC is worth anything in the way of legal protection anyway so why even use it?

Julian Hein · Answer

Found this example:

https://static1.squarespace.com/static/52602cfce4b...

Brian Bradley · Answer

@Brandon Sturgill find an attorney to draft your OA. IF you don't have an OA and it is not done correct, then your LLC is worthless anyways just as @Jeff Kehl stated.

Doing it yourself in the legal world is dangerous just like doing your own taxes if not a CPA or your own medical issues.

The Operating Agreement is the foundation, nuts and bolts of your LLC. Not having your Operating Agreement done correctly could be disastrous if ever sued or audited. It will generally be one of the first documents requested in discovery if sued.

The operating agreement is the most important document in your LLC. It memorializes the rules, rights, responsibilities and structures, the roles and framework of the business, your agreements and roles of your partners, and most importantly maintains your limited liability in the event of a lawsuit.

The operating agreement structures your working and financial relationships. For most investors, you started your LLC for protection and to limit your personal liability. Without your operating agreement properly in place, the LLC will then resemble a sole proprietorship from the courts, especially if your LLC is a single member, and your LLC’s individual existence will not exist. The courts would pierce your veil. One way the LLC liability veil is pierced is by a lack of true separation between your LLC and you the owner. The true separation, and proof that your LLC is governed and run like a business, is the Operating Agreement.

If you have already decided to go the route of creating an LLC for your investments, then you must budget ALSO for the Operating Agreement. Otherwise the reason for creating your LLC in the first place is out the door, and you are still vulnerable.

Stephanie Howell · Answer

I know this is an old topic, but I thought I would provide a link that I found helpful in case someone comes across this thread.

https://www.northwestregisteredagent.com/legal-forms/llc/operating-agreement

They have many other free legal forms that you may want to check out :)

Chuck Marley · Answer

Brandon Sturgill Thanks I also was looking at operating agreement template for my LLC

Brandon Sturgill · Answer

@Brian Bradley Don't necessarily disagree...that's why I use an attorney...it's illegal for me as a licensed individual to write contracts/legal documents. The request was to get a business account opened at a bank...big difference in a formal OA and getting your account started and inserting your attorney approved OA once it's drafted.

Brandon Sturgill · Answer

No worries. It should do the trick to get your account established and you can always amend later...@Jordan Moorhead

Victor G Perez · Answer

Anyone has an operating agreement for Texas Series LLC?

John Fortes · Answer

Curious what he ended up doing.

LLC Operating Agreement Template?

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