What Is The Purpose Of Operating Agreement?

What Is The Purpose Of Operating Agreement?

When selling a property under an LLC, it’s important for a seller to understand that the title company may ask for a copy of the operating agreement, even though Michigan does not require an operating agreement.

This is because, especially in the case there’s multiple members, the operating agreement serves the purpose of outlining the functional and financial decisions under rules, regulations and provisions for the LLC.

So if you have any questions, please leave a comment below. Please share with anyone you think would be helpful. And as always, close with Patrice.

This has been “What Is The Purpose Of Operating Agreement?” by Patrice Henderson of Designed Living Real Estate. Be sure to subscribe to her YouTube channel for all your real estate tips, home tours and advice.

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