Bank Account Question

[Jake Burgdorf]

I'm purchasing a property with a partner and this is our first deal together. What are your suggestions/experiences with opening an account? Should we have one together? How does this work come tax time?

[Patricia Steiner]

Every day, I am brought in - with a whole group of attorneys - to figure out how to undo what "partners" put together on the fly.  They made decisions as they went along, agreed to everything - until they didn't.

Please stop and put everything in writing. Write it on a napkin if you have to but write it down. Both sign it and have the napkin witnessed and e-notarized.  It's called a contract, partnership agreement, and/or "we really are investors and we know what we're doing" agreement.

If you're asking about a bank account, then you're in too deep.  Please talk/write/agree/sign and know what you're doing. (What money is going into the bank account and for what?  What if partner A pulls out everything?  No bank is checking signatures nor honoring check writing limits).  

Congrats on having a shell of a deal. Now make it the real deal.