Spell out ownership percentages, re-investment of profits, owner draws, specific and shared duties, etc. 

Anyway, when you form the LLC, the operating agreement will spell out "everything" including how profits and losses will be split. 

Best thing to do is discuss this with an attorney and have them draft all your operating agreements spelling out the roles, capital contributions etc. 

It takes more time but has reduced the # of applicants.First we send an email with the qualifications clearly spelled out, and our application.

This ‘partnership’ would need its own agreement spelling out, amongst other things, how the profits/losses will be split.

A well crafted contract should spell out what happens in the case of a default.

I have written an addendum to the current lease that spells out the month to month clause and I have told the tenants that I will be there in the morning so they can sign this agreement.I don't want them out on the streets, but I also don't think they are working that hard to find a new place. 

Seasoned contractors have a full working knowledge and understand which building codes are applicable (or it is their responsibility to clarify which codes apply) and fully understand it is expected to build everything in compliance, you do not need to spell it out.  

Sorry for the spelling, it's not my strongest attribute. 

. - So you're the reason everyone spells my name wrong!?