LLC Operating Contract (Commercial Property, Managing Member-Managed, Simple)

The LLC Operating Contract (Commercial Property, Managing Member-Managed, Simple) under USA law is a legal template that outlines the terms and conditions governing the operation and management of a limited liability company (LLC) which owns and operates a commercial property. This template specifically caters to LLCs that have a managing member-managed structure, meaning decision-making authority rests with one or a few designated managing members rather than with all LLC members collectively.

The template covers various essential provisions such as the purpose and scope of the LLC, the responsibilities and powers of the managing member(s), the rights and obligations of the LLC members, the allocation of profits and losses, distribution of assets, decision-making procedures, and dispute resolution mechanisms. It also includes clauses related to the governance of the LLC, including procedures for admitting new members, managing conflicts of interest, and handling the departure or transfer of membership interests.

Being a simple template, it is designed for use in relatively straightforward LLC arrangements without complex provisions or intricate legal structures. It provides the necessary framework for governing the LLC's operations, ensuring clarity and consensus among the members regarding crucial aspects of managing the commercial property. As the template is created in compliance with USA law, it adheres to the jurisdiction-specific legal requirements, regulations, and practices related to LLCs operating in the United States.

While this template can serve as a solid starting point for drafting an LLC Operating Contract, it is recommended to consult with legal professionals or attorneys experienced in business law to tailor the document to specific circumstances, address any unique considerations, and ensure compliance with local state laws.