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A property management agreement is between a property owner and a manager that is hired to maintain the property. It is common for the manager to be paid a percentage (%) of the total revenue generated from the property plus fees for maintenance, leasing, and evicting tenants.
An LLC operating agreement is agreed to by the members of a company and outlines its ownership, management, and each individual’s roles. Therefore, it’s highly recommended after the formation of a company that the members write and sign an operating agreement.