Partnership Structure - California

[Brandon Duncan]

Hello!

I'm working with a family member and a couple friends to purchase several buy and hold properties in San Diego.  We will be putting 20-50% down and will be getting traditional bank loans for the rest.  Cash flow is expected to be small but meaningful. 

What should we be doing from a legal structure standpoint?

- Easier to create LLC (cost in CA!) or just hold title as a whole? Or hold title myself and create a contract with all the partners seperately?

- Do I need to generate tax documents as the end of the year?

Thanks for the help everyone!

Brandon

[Christine Cohn]

Unfortunately an umbrella policy is not enough of a layer of protection. It only pays out once all other assets have been liquidated. I thought the same, and luckily found out the truth before I had a problem. I would recommend getting a consult from and asset protection company. I know there are a few in Nevada. If you would like to know who I have used I would be happy to share that.