Management provisions that can be used in a limited liability company (LLC) operating agreement for a real estate joint venture formed between an operating member, which is the minority member, and an investor member, which is the majority member. In these provisions, the operating member manages the day-to-day operations of the joint venture, subject to approval of major decisions by the investor member. These Standard Clauses have integrated notes with important explanations and drafting and negotiating tips for both members.