Profit Sharing Agreement
A friend and I have "gone into" a house together. I am putting up all the capitol. But we have worked the deal together and he found the house. How can we write something up to share in the profits. You know, proceeds - expenses. Just want something so that we both feel protected.
Does anyone have something already written.
Brenda
Come on - anyone have an formal or informal agreement to share the profits?
Brenda
all i realyy do when i partner w/someone is draw up the terms that we both want to include, ie 50/50 of exps/profit/taxe benefits, if one of us performs work on property they are paid prevailing wage before profits are taken out, maybe include who is handling emergency calls and things like that. Then you both sign, have it notorized and register it with the county. You should ALWAYS have one in place to fall back on ....just in case there is a riff or question between you and your partner....The agreement actually prevents arguments because each person knows their place in the partnership. By the way, I always assert that my position in the agreement gives me the control of the property/management responsiblities...worked to hard and long to place trust in someone elses hands. : )