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From Free Knowledge Base- The DUCK Project: information for everyone
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Presenting an LLC operating agreement is required in most states during the acquisition of real estate. If the real estate being purchased will be owned by the LLC, it will be necessary to present an operating agreement prior to title transfer. Real estate LLCs generally involve private placements of securities, and U.S. securities law tightly controls the transferability of securities that have not been publicly registered with the SEC. In addition, the LLC’s operating agreement will often provide for rights of first refusal. This defines the right of the company, or of other members, to purchase any interests that a member would like to sell.