Anyone have any knowledge on how a joint LLC works?

[Johnnie Schneider]

Hey everyone, my partner and I are just getting started in looking to buy some rental properties. We're doing a lot of research and learning right now but we weren't quite sure how some of the things on the business side would work. We were wanting to form a LLC together, buy the house in both of our names and split everything 50/50 through the business account. If anyone has any knowledge, experience, or tips on the best way to go about this when investing 50/50 with a partner when it comes to the LLC, getting things setup the right way, or what it will look like it would be greatly appreciated.

[Michael J.]

You would form your business as a multi member LLC with each member having 50% of the business. You would also want an operating agreement that breaks down the rights and responsibilities of each member. I would set up a Parent company LLC and then under that open and LLC that holds your properties. But this is something you would want to discuss with your CPA. I use Prime Corporate Services for setting up my business LLCs for real estate investing.