Forming partnership of 6-10 people

[Chad Hurin]

Forming partnership of 7-10 people...(closer to 6-7)

So a few colleagues of mine are interested in pooling money every month to form a buy-&-hold rental company that would buy rental properties every few months. Thoughts on formation, best way to split, responsibilities, resources for this topic, etc. Any tips would be great. If you know or have done a partnership like this, please give me your thoughts and ideas.

Questions I have:

• How to split ownership?
  
• If one or more people end up not wanting to contribute to buy more properties, how is share split up then?
  
• Forming LLC: how to contribute money monthly to business account from each member? Allowed? (capital contributions? Shares?)
  
• Decision making?
  
• If we decide to have payout every month; process?
  
• Or should keep in business account? (assuming we have savings for 6-12 months bills)

Many, many, other questions; I’ll start there.

We are in NC- we all make same salary (for now)- relatively same goals (for now)- Same age group

Any info would be helpful,

Thank you,

Chad