Operating Agreement
(Manager-Managed, Multiple Members) (Commercial Real Estate) (FL)

Summary

This template is an operating agreement for a manager-managed limited liability company (LLC) with multiple members in Florida that will acquire and own an existing identified real estate project or parcel. This template includes practical guidance and drafting notes. Florida law does not require that an LLC adopt a written operating agreement; however, written operating agreements are strongly recommended, particularly for multi-member LLCs. Statutory default provisions concerning the operation of an LLC will apply in many cases unless an operating agreement provides otherwise. Counsel should note that great latitude is afforded to limited liability companies in terms of economic, voting and tax matters and, accordingly, careful consideration should be given to the particular needs of a given enterprise. Consultation with tax counsel is advised in connection with the negotiation and terms of an operating agreement. For more information on Florida limited liability companies, see Formation and Qualification (FL LLC) and Ownership Interests (FL LLC). For a member-managed operating agreement to use in a commercial real estate transaction in Florida, see Operating Agreement (Member-Managed, Multiple Members) (Commercial Real Estate) (FL).