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Essential LLC Clauses and Considerations?
My friend and I are both new real estate investors. We're partnering to buy rental property in Chicago and we're forming an LLC.
As we draft our operating agreement, we are trying to think of must-have clauses and considerations that would be relevant to a real estate business. Clauses that will help us to increase liability protection and protect assets are top of mind, as well as any caveats related to having a 50/50 partnership.
Does anyone have any suggestions, experience, or considerations they could share?