OPERATING AGREEMENT OF GROUNDFLOOR REAL ESTATE 1, LLC (A Georgia Limited Liability Company) DATED: December 16, 2016Operating Agreement • January 25th, 2017 • Groundfloor Real Estate 1, LLC • Georgia
This OPERATING AGREEMENT of GROUNDFLOOR REAL ESTATE 1, LLC (the “Company”), a limited liability company organized pursuant to the Georgia Limited Liability Company Act (the “Act”), is executed effective as of the date set forth on the cover page of this Agreement. GROUNDFLOOR FINANCE INC., a Georgia corporation (“Groundfloor Parent”), is the sole member of the Company. Solely for federal and state tax purposes and pursuant to Treasury Regulations Section 301.7701-3, Groundfloor Parent and the Company intend for the Company to be disregarded as an entity that is separate from Groundfloor Parent. For all other purposes (including, without limitation, limited liability protection for Groundfloor Parent from Company liabilities), however, Groundfloor Parent and the Company intend for the Company to be respected as a legal entity that is separate and apart from Groundfloor Parent.
