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Updated about 7 years ago on . Most recent reply
How Do My Partner and I Both Have Visibility To Profits/Expenses?
My investing partner and I both have our own separate LLCs, but we want to partner on a deal 50/50 and both have visibility to the all profits/costs/expenses in the bank account. Is it best to create a new LLC/LLP for this deal to have that visibility or is there an alternative? We have a partnership agreement in place, but in order for us to both have visibility to the bank account we need an EIN.
Any suggestions would be greatly appreciated!
Most Popular Reply
Yes I prefer a new LLC. Some people do a separate LLC per property for maximum protection. In my opinion, it's not bad if you don't mind the added headache.
Few other options are a Trust, LLP, LLC owned by your LLC and your Partner's LLC.
I strongly recommend that you consult with a lawyer. Many smart lawyers out there can help you protect your investment and pick the right entity.