Partnership Agreement / Exit Strategy /

[Drew Berman]

Hello All!

My business partner and I have established an LLC and purchased 3 rentals (10 units) over the past 18 months. Everything is going well though we have not established an actual written partnership agreement. What are some things I should put in or be thinking about? My main concern is my partner is older, and much wealthier then I, and we have completely different personal situations. I want to hold these and future purchases long term 20+ years and protect myself from a potential situation where he wants out and I am trying to buy out something I cant afford, and forced into selling what I have worked hard to obtain! Any help / guidance / food for thought is appreciated (aside from should of written up agreement in the beginning lol)

Thanks
 

[Patrick Drury]

@Drew Berman
Next time get an agreement in writing ahead of time before buying anything outlining each partner's roles and responsibilities. If you have any questions about what the operating agreement should contain I would recommend reaching out to an attorney and ask them to help put one together for you.