How a Commercial Real Estate Business Hired a Lawyer to Draft a Joint Operating Agreement in New York

In 2022, a business in New York sought assistance with drafting a comprehensive joint operating agreement for its newly formed LLC consisting of four members. The client aimed to establish a solid foundation for their venture, which would eventually focus on purchasing commercial real estate, specifically targeting 50 to 100 unit apartment buildings in Texas. They recognized the importance of having a thorough operating agreement for personal protection and liability as they organized their business from the ground up. As a result, the client received seven proposals from licensed attorneys, with flat fee bids ranging from $550 to $2,500, all submitted to meet the client's deadline of over a week.