Starting LLC w/ a Partner

[Casey Kooiman]

Good morning from WI!

I currently own a few investment properties myself. I'm interested in partnering with a friend to purchase some properties that way though... but I'm a bit stuck on the LLC. I have two main questions:

1) LLC Creation - I've created two LLCs for myself online which was pretty easy (in WI)... but what option do I need to select if I have a partner? Article 5 asks if management should be vested in "a manager or managers" or "its members". I assume "its members", but it doesn't seem to be much different when adding a partner. Am I missing anything from an incorporation standpoint?

2) Bank Account - So my friend and I need $40k for an upcoming deal. I assume we can't just transfer $20k each into the account. Does the LLC need to accept it as a loan or gift or something else so we don't "pierce the veil"? How do we pull money out if we need it? Would we just essentially pay back the loan?

Thanks, everyone! I've already learned SO much from BP, and I wouldn't be where I am without you all!