Partnerships, LLCs and Duties

[Erik Dofelmier]

My sister, wife and I have created a Delaware LLC. The plan is for my sister (who is a environmental lawyer) to generate and read thru all of the legal docs as necessary, while my wife and I run the numbers on potential properties and perform the PM function of our rentals. That said, the work my wife and I are putting forth seems to be far greater, and probably will be once she and I start actively managing our properties. What do you recommend as far as structuring the duties/payments once cash starts flowing? 50/50 doesn't quite seem reasonable. Thoughts? We have a month before we close and we haven't finalized the LLC plans yet. Thanks.

[Brett Deas]

Unless the attorney is putting up majority of the capital I don't see why there would be a split. You can easily go to a RE lawyer for a few hundred bucks and have all that written into an OA.