Through the Operating Agreement you will define authority and powers for each of you.

Where you become ironclad is in the operating agreement and insurance policies.

I was also responsible for keeping QuickBooks current, monitoring the performance of the portfolio (COC return, operating expense ratios, etc.) and sending that information back to them, etc.

OTH, if someone doesn't pay miuch attention to their business, they operate in a care free manner, are often negligent in other aspects of life, then doing all you can do to hide out might be a good way to go.This public liability razz is way over hiped IMO and insurance is your best solution.Hey, not implying our OP is paranoid, I know he has good reason to be concerned from other posts, but don't take legal advice from a CPA and don't ask your attorney to set up your accounting systems.

So for instance, the person who brings in the most money has the largest share of the company since he has a monetary loss that could occur.You will define all of this inside your company's operating agreement.

So in helping her, I have seen some of the head aches that can occur while operating a business.

Bill: around here that's called operator error....if your beer gets warm you're drinking too slow

Storage is not typically a NNN set up (it could be if you master leased an entire facility to an operator and they handled the day to day but that is not cusomary in this space).

Doing them may not make sense for small operation, but if there's a lot of wealth in them then it probably makes a pretty decent amount of sense.

It may be worthwhile to work with both an attorney and a CPA to get the operating agreement properly structured.