LLC question regarding partnership

[Dan Graves]

Hello everyone, I'm a newbie to commercial investment but have an opportunity that I may want to take advantage of. A trusted friend and I are talking about purchasing a commercial property as partners. My question is in regards to how LLC's are typically structured when there's more than one "owner" of the property. He already has an LLC and wants to add this property to it, but he wants to include me under contract stating the percentage of ownership, etc. I would not be listed as a co-owner of the LLC. I'm concerned more about other implications... taxes, etc. but I really don't understand much at all. I assumed we'd create a new LLC for this property alone and we'd both be co-owners. My simple mind needs to keep things logical to understand. 8-)

Dan

Sacramento, CA