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Limited Liability Company

Operating Agreement

California

Asked on Nov 15, 2021

Setting up an operating agreement in multi member LLC

Hi, a friend and I plan to register an LLC together. We would like to purchase rental units which would be owned by this LLC, and would like to have an operating agreement between us under this LLC. What do we need to know, and who should we talk to?

1 Attorney answer

Answer

Limited Liability Company

California

Answered 9 days ago

Paul S.

ContractsCounsel verified

Business Lawyer
Licensed in California, Ohio
Free Consultation

You will need to know what the equity split will be, and if it is 50/50, how will you manage tie votes. How will profits and losses be allocated? How will the LLC be managed? What happens if one of you wants to sell to a third party or leave the LLC?

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