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.

Bill, that response is loaded with some great info.

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.

The town has not bitten the dust, it is doing what is necessary to reorganize so it can continue operating.

While a closing agent is not required to tell you everything they know, they do need to answer questions that concern you, so just ask...In this case however, the seller was your mentor, so you had knowledge of how the guy operated, at least the types of transactions he used and seems to me that in itself should have been fair warning in dealing with him in the first place.