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

The LLC Operating Contract (Commercial Property, Member-Managed, Simple) under USA law is a legal template designed for limited liability companies (LLCs) operating commercial properties within the United States. This template is specifically tailored for member-managed LLCs, where all members have the authority and responsibility to manage the day-to-day activities and decision-making processes of the company.

The contract encompasses a range of provisions that govern the operations and management of a member-managed LLC involved in commercial property dealings. It outlines the rights, duties, and obligations of each member, their contributions to the company, and the division of profits and losses.

Furthermore, the template covers essential details related to the commercial property itself, such as its location, ownership, and permitted uses. It may also address lease agreements with tenants, property maintenance, insurance requirements, and any restrictions or limitations on property use.

The operating contract ensures compliance with relevant state laws and regulations governing LLCs, protecting the interests and rights of all members involved. In addition, it establishes mechanisms for dispute resolution, decision-making procedures, and the processes for adding or removing members.

While this template provides a simple and straightforward structure, it's important to consult with a legal professional to customize the contract according to the specific needs and circumstances of the LLC and its members.