Best Way To Form Partnerships
Another investor and I are going to form a partnership. He will take care of the financing and I will do the leg work. We have decided how we are going to do everything. WHat is the best entity to set it up as? I have read a lot about an llc, any siggestions? We are not going to be flipping properties we are doing rentals, long term holdings.
When you do decide to form a corp/partnership, be sure to consult an attorney and have them draw up the paperwork because there are many issues that a good attorney will address that you may never think of.
Good Luck!
I would also encourage you to check out some of the other posts on the topic. A couple of mine were lenghty, inspired by poster
My opinion is LLC depending on your state and overall financial objective. Obviously, see a pro.
Good Partnering
Joel
Get an atty to draw up everything. what happens if you get sued ( since he has most of the money)? what happens if the properties dont cash flow? what happens if one of you want out of the partnership? etc...
also ask him to get his own atty to review the partnership. all the upfront work will save you a lot of headaches later on...
Not to mention what happens when one goes to meet his maker ...