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Real Estate LLC Operating Agreement

Real Estate LLC Operating Agreement Template for Australia

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Key Requirements PROMPT example:

Real Estate LLC Operating Agreement

"I need a Real Estate LLC Operating Agreement for a three-member property development company in Sydney, with provisions for residential property development projects and profit-sharing arrangements based on both capital contribution and active involvement in project management."

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Document background
The Real Estate LLC Operating Agreement is a crucial document for establishing and governing real estate investment and management companies in Australia. While the term 'LLC' is borrowed from US terminology, this agreement is specifically adapted for Australian legal requirements, typically structuring the entity as a Proprietary Limited Company. The document is essential when two or more parties wish to form a company focused on real estate activities, including property investment, development, or management. It comprehensively covers governance structure, capital contributions, profit sharing, property management protocols, and member rights and obligations. The agreement must comply with the Corporations Act 2001 and relevant state-specific property legislation, while also addressing specific requirements for real estate operations in Australia. This document is particularly important for protecting member interests, establishing clear operational guidelines, and ensuring regulatory compliance in the Australian real estate sector.
Suggested Sections

1. Parties: Identifies all members/shareholders of the LLC and their contact details

2. Background: Explains the purpose of forming the LLC and its primary real estate business objectives

3. Definitions and Interpretation: Defines key terms used throughout the agreement and interpretation rules

4. Formation and Name: Details of company registration, business name, and registered office

5. Purpose and Powers: Specific real estate activities the LLC will undertake and its general powers

6. Capital Contributions: Initial and ongoing capital contributions by members, including property contributions

7. Membership Interests: Details of membership units/shares and ownership percentages

8. Management Structure: Governance framework, appointment of directors/managers, and decision-making processes

9. Meetings and Voting: Procedures for member and management meetings, voting rights and requirements

10. Real Estate Operations: Specific provisions regarding property acquisition, management, and disposal

11. Financial Affairs: Financial management, accounting practices, and distribution of profits

12. Transfer of Interests: Rules regarding the sale, transfer, or encumbrance of membership interests

13. Exit Provisions: Member withdrawal, retirement, and buy-out procedures

14. Dispute Resolution: Process for resolving disputes between members or with management

15. Dissolution: Circumstances and procedures for winding up the LLC

16. General Provisions: Miscellaneous legal provisions including notices, amendments, and governing law

Optional Sections

1. Different Classes of Membership: Used when the LLC has different classes of members with varying rights and obligations

2. Property Development Provisions: Included when the LLC engages in property development activities

3. Interstate Operations: Required when the LLC operates across multiple Australian states

4. Intellectual Property: Needed when the LLC has valuable IP such as proprietary property management systems

5. Employment Matters: Include when the LLC will have employees

6. Related Party Transactions: Required when members have other real estate businesses or interests

7. Environmental Compliance: Important for properties with environmental considerations or obligations

8. Foreign Investment Provisions: Necessary when foreign investors are involved or foreign investment is anticipated

Suggested Schedules

1. Schedule 1: Member Details: Complete details of all members including contact information and initial capital contributions

2. Schedule 2: Property Portfolio: List of properties owned or managed by the LLC

3. Schedule 3: Management Structure: Detailed organizational chart and management responsibilities

4. Schedule 4: Financial Procedures: Detailed accounting procedures and financial management protocols

5. Schedule 5: Business Plan: Initial business plan and investment strategy

6. Appendix A: Valuation Methodology: Agreed methods for valuing property assets and membership interests

7. Appendix B: Required Licenses: Copies of real estate licenses and other required permits

8. Appendix C: Property Management Procedures: Standard operating procedures for property management

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions









































Clauses








































Relevant Industries

Real Estate

Property Development

Property Management

Commercial Property

Residential Property

Property Investment

Real Estate Investment

Corporate Services

Professional Services

Construction

Relevant Teams

Legal

Real Estate Operations

Property Management

Corporate Governance

Investment

Compliance

Finance

Business Development

Asset Management

Administrative Services

Relevant Roles

Real Estate Director

Property Manager

Company Director

Real Estate Agent

Investment Manager

Legal Counsel

Corporate Secretary

Operations Manager

Development Manager

Asset Manager

Portfolio Manager

Compliance Officer

Managing Director

Chief Executive Officer

Chief Financial Officer

Property Development Director

Industries










Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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