If an LLC doesn't choose to be a corporation they are either a sole prop or a partnership for tax purposes depending on how many members there are.A (LLC) corporation then can make the S election.

It could be a simple partnership.

You are talking about a partnership and a lot of things need to be ironed out....like what happens if someone dies, how is profit determined, who gets votes on projects, etc.

His paralegal says he doesn't do assignments and has his own contracts but does have a partnership program on doing short sales.

I think this partnership with the law firm is just to help business for his attorney side.

Question: When non-recourse debt is applied to leverage the LP funds invested the partnership could be considered a "business."

Ultimately you should do what you need to get out of this partnership since it sounds horrible.

Client’s Real Estate Transactions" shall mean any transaction involving real property which was closed, consummated or first identified during the term of the Services Agreement, and shall include the purchase, sale, leasing, financing, management, or operation of real property, as well as any otherentitlement or interest in any real property arising directly or by participation in any corporation, partnership or other entity.That comes straight from one of our engagement agreements that has already been "lawyered."

You may even want to set up a working partnership with someone in the area who can help you get your deals done.

So if, like in my situation, you do not want-need-have a "real" partner who contributes a lot fo the partnership then what options are there?