Real Estate Fund Operating Agreement Outline

REAL ESTATE FUND LLC — OPERATING AGREEMENT OUTLINE
[Fund Name]
a [State] Limited Liability Company
Sponsor / Manager: [Sponsor Name]
Date of Outline: ___________________
Prepared For: Review by Qualified Securities Attorney
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CRITICAL NOTICE
THIS DOCUMENT IS AN OUTLINE ONLY. IT IS NOT A LEGALLY BINDING OPERATING AGREEMENT AND DOES NOT CONSTITUTE LEGAL ADVICE. THE FINAL OPERATING AGREEMENT MUST BE DRAFTED, REVIEWED, AND FINALIZED BY A QUALIFIED SECURITIES ATTORNEY LICENSED IN THE APPLICABLE JURISDICTION BEFORE THE FUND ACCEPTS ANY INVESTOR CAPITAL OR ISSUES ANY SECURITIES. THIS OUTLINE IS INTENDED SOLELY AS AN ORGANIZATIONAL TOOL TO HELP THE SPONSOR THINK THROUGH KEY PROVISIONS PRIOR TO ENGAGING LEGAL COUNSEL.
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SECTION 1 — ENTITY FORMATION AND BASIC TERMS
1.1 Entity Name and Type
  Full Legal Name: [Fund Name], a [State] Limited Liability Company
  Commonly Known As: ___________________
  Type of LLC: [ ] Manager-Managed  [ ] Member-Managed
  Recommendation: Manager-Managed (Sponsor retains operational control)
1.2 Formation Details
  State of Organization: ___________________

[Section 2 — continued...]

[Section 3 — fill in your details...]

[Additional clauses and provisions apply...]