Limited Liability Company Operating Agreement
(Real Estate Joint Venture)

Summary

This limited liability company operating agreement template is for a newly formed joint venture between an operating member, known herein as the "Managing Member", and a capital member, known herein, as "Investor Member". The joint venture will be used to acquire [and develop] interests in real property. This template contains practical guidance, drafting notes, alternate clauses, and optional clauses. For a full listing of key content covering real estate joint ventures (90/10 ownership split), see Real Estate Joint Venture Resource Kit (90/10 Real Estate Joint Venture). For a full listing of key content covering commercial real estate, see First Year Associate Resource Kit: Real Estate. See Real Estate Joint Venture Resource Kit (90/10 Real Estate Joint Venture) for additional resources for a real estate joint venture transaction.