Lawyer for Partnerships

[Tina Tsysh]

Hey BP Community and Happy Holidays! For those who have had experience with partnerships, do you have any attorney recommendations? I always hear that it's necessary to get everything in writing. Any tips / suggestions are welcomed! 

[Tina Tsysh]

Quote from @Michael Wallimann:

This response won't be too in depth or technical but I had always heard to get everything in writing as well, but failed to heed the warning on my first deal. Without going into too much detail on how the deal was structured I'll just say that I put up all the money and a close family member put title in their name so that it could be bought with a lower percentage down payment. This was going to be a 50/50 split. Nothing was in writing because I trusted this person wholeheartedly. In the end that came back to bite me. They kept the property (which is 3,000 miles away from me) and never gave me any of the rental income or the money that I provided for the down payment. They simply just stopped returning my calls,texts and emails. Long story short I recommend getting an attorney to draw everything up. All plans, splits, arraignments, everything. No matter who it is just tell them it's nothing personal, it's only business. Best of luck to you @Tina Tsysh!!

 Sorry to hear that and thank you for sharing Michael. Have you done any deals since that which involved other partners?