Structuring the Issuer and Manager LLCs in a syndication requires more than just filing paperwork. Sponsors often assume an LLC provides a magic liability shield and that generic operating agreements are enough to run a deal. In this field note, syndication attorney Tilden Moschetti explains the standard two-entity model—separating the investors' capital in the Issuer from your control in the Manager. You'll learn why asset protection depends on how you run your books, why an off-the-shelf operating agreement won't work for complex economics like distribution waterfalls, and why your Operating Agreement must match your PPM word for word.

Also see: How to Form a Real Estate Syndication LLC or Corporation — https://www.moschettilaw.com/forming-syndication-llc/

Note: This episode's audio is generated using AI voice cloning technology based on Tilden Moschetti's written work.

Watch the video on YouTube: https://youtu.be/vGp-hNdyoGQ