Forming a corporation or LLC with multiple partners

[Ben Lockspeiser]

Hi All,

I have spoken with a few friends that are looking to purchase some buy and hold properties in the NYC/Westchester/Lower Hudson Valley area.  We are deciding on all putting in a fair share of $50k each to start.  The thought is to start a corporation and everyone have a equal share of everything.  What have you done when it comes to managing with multiple partners (5-6) or at that point are they considered investors and have one person manage all the day to day?