Questions about decision making in a partnership?

[Rob Hayes]

Hello all, I'm curious as to how decision makings are handled in a equal partnership? One example would be if a water line rupture & a contractor gives two quotes; one quote to repair ($225), one quote to replace ($750). How are these binary decisions handled in a partnership especially when it involves using funds for a repair vs replace scenario? Also how are tenant management handled such as keeping vs replacing or which tenant to choose during lease signing? I'm curious as to how this could be structured & maybe backed in some type of written agreement. Thanks

[Kenneth Garrett]

@Rob Hayes

You need to be like minded or you’ll have a bad partnership.  Just like a marriage each of you will need to compromise on certain things.  There is no arbitration available although I suppose you could create one, but I think that would be a bad idea.  You need to be philosophically in agreement.  Have the operating agreement outline each partners responsibilities.  I can tell you although you may establish boundary of responsibilities you will end up having crossover it’s just inevitable.  Talking things out are the most important aspect.