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LOS ANGELES—For good reason, one of the most common structures for real estate joint ventures is the limited liability company. After all, it is one of just a few alternatives that provides an enticing blend of limited liability and structural flexibility. Like all joint ventures, though, the LLC is not without pitfalls. The typical “constitution” for an LLC is its “Operating Agreement”.  There are several key provisions in a typical LLC Operating Agreement which, if not carefully considered, can rise up later to wreak havoc.  Three of the most important provisions are:

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