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Updated over 3 years ago on . Most recent reply

Bank Account Question
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?
Most Popular Reply

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.