Need to fix an operating agreement for a 2 member Florida LLC. Its only business is taking rental revenue from a (mortgaged) condo that it owns.
The LLC pays out member distributions when there is excess profit. The condo is expected to be sold in the next 4 years and at that time the proceeds will be distributed accordingly.
Key issue to be resolved is that one of the members (member 1) has still not paid in the full amount of their share of the initial membership contribution. We have agreed some terms such that we reset the membership interest to match the investment, include a mechanism to allow future transfer of membership interest at the original price up to a certain deadline, and some other aspects.
Additionally I would like to consider retaining the lawyer to assist in enforcement of the agreement at the time of sale.
This job will be done by a lawyer licenced to practise in Florida with experience of this type of situation, including litigation and some knowledge in tax accounting.
