Structuring a partnership agreement in Florida

[Christopher Kolasa]

My partner and I began our Florida LLC business partnership at the end of 2019 to purchase a rental investment property and we utilized an online partnership template to create a partnership agreement. Is this sufficient?

Recently, during discussions with my asset protection attorney, upon their quick review of our partnership agreement, the agreement appeared very weak and I was told to investigate the soundness of our partnership structure further with a Florida attorney who may have more hands-on experience with this sort of matter.

Has anyone had experience with structuring a partnership agreement, are the online templates weak? Should I hire an attorney? The few I've talked to have had very high fees, looking for a cost effective solution because going through the process myself, I can imagine the process can be fairly routine for an attorney.

Thanks.

[Greg O'Brien]

@Christopher Kolasa its worth the investment IMO. I’ve seen partners, actually brothers, end up in court years later because of a break up and a “template” agreement that wasn’t even executed correctly.

There should/could also be a buy/sell agreement as well to avoid future buy out issues. Check with your CPA who may work with a good biz attorney. We routinely have our partnerships work with our attorneys to get things structured properly and efficiently. Should be $2k + or so for both of these from a reputable attorney from my experience, but varies by market