Partnership Agreement Questions!

[Chris Parrish]

My partner and I are about to close on a 5-plex in Washington. We have purchased the LLC, got all those documents in line, but now are looking to start drafting up a "Partnership Operation Agreement." An agreement stating the responsibilities and boundaries of the partnership. Has anyone done this before??? Any advice??? Any generic forms we should use???

The current plan is to draft up an agreement from scratch, but it feels like we are re-inventing the wheel. 

I am in the Portland area, and my partner is in the Vancouver area. Thanks for any tips! 

[Mathew Wray]

Rather than do it myself and risk missing something or not having it hold up in court when needed, I paid a lawyer to draft one for a partnership of mine. Cost less than $1,000 and was worth every penny if for no other reason that it really forced us to consider the “what-if” scenarios from a bunch of angles-some of which I know I would’ve missed doing it on my own. 

My .02-let a pro do it for you while you search for another deal.