Partner Agreement Help

[Josh Myrick]

Myself and a friend are wanting to invest in a short term rental together and wanted to create an LLC and have a partner agreement setup. We have located a few highly recommended people to set up the LLC but I have questions about a partner agreement. I am not sure who sets this up. I asked the attorney who will set up LLC and they said they only do LLC. Essentially, we want a contract showing each partners responsibilities, powers, equity and income splits and any other rules such as how to buy out and anything else that could be a point of contention. Has anyone had one made up they could share as an example or recommend a NC attorney who could guide us through setting one up?

Our current plans is that I will have the decision making power to buy homes, make changes, and responsible for daily management. Essentially, he will be a capital investor only. We did this so there will be less chance of us disagreeing and not doing anything new. He trusts my decisions and ability to manage. Because of this he will have a set equity ownership and percentage of income as well. 

[Ryan Seib]

I only have templates from my area. However you could find or make a list of questions to answer with the partner. Then provide that document to your attorney. The attorney should work those matters out in the documents for the partnership. Congratulations on the partnership opportunities.