LLC Operating Contract (Commercial Property, 90/10 Joint Venture) (Delaware)

The legal template "LLC Operating Contract (Commercial Property, 90/10 Joint Venture) (Delaware) under USA law" serves as a formal agreement between parties involved in a limited liability company (LLC) joint venture in the state of Delaware, under the legal jurisdiction of the United States.

The primary purpose of this contract is to outline the operational and organizational framework for the LLC that will own and manage a commercial property. The joint venture structure highlights that the ownership and financial contributions will be divided unequally, with one party possessing a 90% stake and the other holding a 10% stake in the LLC.

This legal template encompasses the necessary provisions, terms, and conditions that establish the rights, responsibilities, and obligations of each party involved in the joint venture. These provisions may cover various aspects, including capital contributions, profit/loss allocation, decision-making authority, management and governance structure, dispute resolution mechanisms, and exit strategies. Additionally, the contract may address specifics related to the commercial property, such as leasing, property management, renovations, maintenance, and any other relevant provisions to ensure smooth operation and success.

It is essential to note that the LLC Operating Contract template is designed to align with Delaware's specific legal requirements and regulations regarding LLCs, ensuring compliance with applicable state laws. By utilizing this template, the parties involved can customize and tailor the agreement to reflect their specific needs and intentions while operating within the boundaries of Delaware law and the jurisdiction of the United States.