Partnering?

[Troy Durrette]

I'm considering partnering with someone, I have the means of doing the rehab, and they have the property with no means of doing the rehab. Whats the best and safest way to structure the partnership?

[Allen Fletcher]

@Troy Durrette

Create a onetime use LLC with a signed operating agreement that both partners sign. Make sure to define all portions of the business such as defined duties, division of profits, division of expenses, etc. Once both parties have come to a consensus go to a notary, sign the agreement, and notarize it. This will provide protections for both of you and ensure that there are legal means to settle issues that may arise.

I like to structure all partnerships in this way, not because I have been defrauded or because I do not trust people, but it makes everyone feel more secure and fixes problems before they arise.

Hope this helps,

Allen Fletcher