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Real Estate LLC Operating Agreement

Real Estate LLC Operating Agreement Template for Canada

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Key Requirements PROMPT example:

Real Estate LLC Operating Agreement

"I need a Real Estate LLC Operating Agreement for a small property development company in Ontario, launching in March 2025, with three founding members who will all actively manage the business and focus on residential property development."

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Document background
The Real Estate LLC Operating Agreement, adapted for Canadian legal requirements, serves as the foundational document for establishing and operating a real estate business entity in Canada. While the LLC structure doesn't exist in Canadian law, this agreement combines elements of corporate and partnership agreements to create a similar operational framework. It's essential for real estate ventures requiring multiple investors or partners, providing clear guidelines on management structure, capital contributions, profit sharing, and property operations. The document is particularly relevant when establishing a new real estate business entity or restructuring an existing one, ensuring compliance with both federal and provincial regulations. It includes comprehensive provisions for property acquisition, management, development, and disposition, while addressing corporate governance, member rights, and operational procedures specific to the Canadian real estate sector.
Suggested Sections

1. Parties: Identification of all founding members/partners and the business entity

2. Background: Context of the agreement's formation and the purpose of the real estate business

3. Definitions: Detailed definitions of terms used throughout the agreement

4. Formation and Name: Details of business formation, registered name, and principal place of business

5. Purpose and Powers: Specific real estate activities and general powers of the business

6. Capital Contributions: Initial and ongoing capital contributions of members

7. Membership Interests: Structure of ownership interests and voting rights

8. Management: Management structure, decision-making processes, and authority levels

9. Meetings: Procedures for member and management meetings

10. Real Estate Operations: Protocols for property acquisition, management, and disposition

11. Distributions: Profit distribution and loss allocation procedures

12. Transfer Restrictions: Limitations on transfer of membership interests

13. Withdrawal and Dissolution: Procedures for member withdrawal and business dissolution

14. Books and Records: Requirements for maintaining business records and accounts

15. Tax Matters: Tax treatment and reporting obligations

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

Optional Sections

1. Property Management: Detailed procedures for property management if the company will manage properties directly

2. Development Projects: Specific provisions for real estate development activities if applicable

3. Financing: Provisions regarding obtaining and managing external financing

4. Foreign Investment: Special provisions if foreign investors are involved

5. Conflict Resolution: Detailed dispute resolution procedures beyond standard provisions

6. Insurance: Specific insurance requirements for properties and operations

7. Environmental Matters: Environmental compliance and liability provisions for properties

8. Employee Matters: Provisions regarding hiring and managing employees if applicable

9. Intellectual Property: Provisions for protecting business brand and intellectual property

Suggested Schedules

1. Schedule A - Member Information: Detailed list of members, contact information, and initial capital contributions

2. Schedule B - Property Schedule: List of properties owned or managed by the business

3. Schedule C - Initial Officers: List of initial officers and their roles

4. Schedule D - Management Agreement: Detailed management structure and procedures

5. Schedule E - Valuation Methods: Agreed methods for valuing membership interests and properties

6. Schedule F - Distribution Procedures: Detailed procedures for profit distributions

7. Appendix 1 - Forms: Standard forms for member votes, transfers, and other routine matters

8. Appendix 2 - Property Management Procedures: Detailed procedures for property management and maintenance

9. Appendix 3 - Due Diligence Checklist: Standard checklist for property acquisition

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

Commercial Property Management

Residential Property Management

Property Investment

Construction

Real Estate Finance

Property Technology

Real Estate Investment Trusts

Asset Management

Relevant Teams

Legal

Real Estate Operations

Property Management

Investment

Corporate Governance

Finance

Compliance

Business Development

Asset Management

Risk Management

Relevant Roles

Real Estate Developer

Property Manager

Investment Manager

Chief Executive Officer

Chief Financial Officer

Corporate Lawyer

Real Estate Attorney

Business Development Manager

Asset Manager

Operations Director

Managing Partner

Company Secretary

Real Estate Investment Analyst

Compliance 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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