The Operating Agreement For Rental Property LLC, adapted for Canadian corporate structure, serves as the foundational document for companies engaged in rental property ownership and management in Canada. While LLCs don't exist in Canadian law, this agreement adapts LLC principles to Canadian corporate requirements, providing a comprehensive framework for corporate governance and property operations. It's essential for businesses starting or formalizing their rental property operations, detailing everything from ownership structure and capital contributions to property management procedures and profit distribution. The document ensures compliance with Canadian federal and provincial corporate laws, real estate regulations, and tenant legislation, while establishing clear protocols for business operations, decision-making, and dispute resolution. It's particularly crucial for multi-owner corporations and those managing multiple rental properties, providing clarity and protection for all stakeholders involved.
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1. Parties: Identification of all members/shareholders of the corporation and their contact information
2. Background: Context of the agreement formation and purpose of the rental property business
3. Definitions: Detailed definitions of terms used throughout the agreement
4. Formation and Name: Details of corporation formation, business name, and registered office
5. Purpose and Powers: Specific business purposes and powers of the corporation regarding rental property management
6. Capital Contributions: Initial and ongoing capital contributions from members, including property investments
7. Ownership Structure: Distribution of shares/ownership interests and classes of shares
8. Management Structure: Management roles, voting rights, and decision-making processes
9. Property Management: Procedures for property acquisition, management, and disposition
10. Financial Management: Accounting procedures, banking, fiscal year, and financial reporting requirements
11. Distributions: Process for distributing profits and losses among members
12. Transfer Restrictions: Limitations on transfer of ownership interests and right of first refusal
13. Meetings: Procedures for member and management meetings, voting, and record-keeping
14. Dissolution: Process for winding up the business and asset distribution
15. General Provisions: Standard clauses including amendments, notices, and governing law
1. Buy-Sell Provisions: Detailed procedures for buying out members in specific circumstances, recommended for multiple-member corporations
2. Property Development: Include when the corporation plans to develop or substantially renovate properties
3. Financing Provisions: Detailed terms for obtaining and managing external financing, necessary when planning to use significant leverage
4. Property Management Company: Terms for engaging external property management services, if not self-managed
5. Conflict Resolution: Detailed dispute resolution procedures, recommended for multiple-member corporations
6. Insurance Requirements: Specific insurance requirements beyond standard coverage
7. Environmental Compliance: Specific environmental requirements and procedures, important for properties with environmental concerns
8. Succession Planning: Detailed succession procedures for family-owned corporations
1. Schedule A - Property Schedule: List and details of all properties owned by the corporation
2. Schedule B - Capital Contributions: Detailed breakdown of initial and subsequent capital contributions
3. Schedule C - Ownership Structure: Detailed share structure and ownership allocation
4. Schedule D - Management Agreement: Terms of engagement with property management company if applicable
5. Schedule E - Financial Procedures: Detailed accounting and financial management procedures
6. Schedule F - Property Management Policies: Standard operating procedures for property management
7. Appendix 1 - Required Forms: Standard forms for corporation operations and property management
8. Appendix 2 - Maintenance Standards: Detailed property maintenance standards and procedures
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