I want to start a real estate business with one other partner. I will
provide the funds, they will manage the real estate.
I would like a sample legal form for this type of partnership.
I want a legal form for specifically this type of arrangement, not
another type of partnership, not another type of real estate
investment partnership.
I would prefer if the forms to be free.
If they are not free, they have to be immediately downloadable from
the Internet using a credit card, rather than in a book or in packaged
software. |
Request for Question Clarification by
answerguru-ga
on
14 Jun 2003 13:50 PDT
Hello there,
What type of partnership are you planning on forming? Is this going to
be a corporation? Also, what country, state/province are located in?
answerguru-ga
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Clarification of Question by
lukenosek-ga
on
15 Jun 2003 14:25 PDT
I want to provide funds, while the manager purchases an investment
with those funds and earns a fee.
Im not sure of the form of partnership, but I expect it will be an
LLC. I will further consult with my tax advisors once I get started,
to determine which one is best.
I am located in california, the manager is located in illinois, the
property will most likely be purchased and managed in illinois.
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Request for Question Clarification by
answerguru-ga
on
15 Jun 2003 16:11 PDT
After spending some time on this, I've come to the following
realizations:
1. "Cookie cutter" forms of this type are not publicly available by a
single organization/regulatory body - the best you can hope for is one
that partially covers what you are looking for and then have it
modified to meet your specific criteria.
2. Forms that come with books or packaged software are likely your
best bet if you insist on a ready-made form. I suggest you consider
this option further.
Although I have not had much luck finding what you need, hopefully
another researcher will, so I welcome anyone else who would like to
tackle this question to do so :)
answerguru-ga
|
Clarification of Question by
lukenosek-ga
on
15 Jun 2003 17:23 PDT
I did some initial research as well, and I found some coookie cutter
legal forms that see to be available for download.
If someone finds what I need in the next couple of days, that would be
great. Otherwise Ill remove the question from posting and just start
working with my lawyer.
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Request for Question Clarification by
pafalafa-ga
on
16 Jun 2003 08:16 PDT
The form below seems to come quite close to what you are looking for
though -- to be frank -- I can't tell if it hits the nail on the head,
or not. It is available in full as Microsoft Word .doc file, and
costs $25.
Have a look, and if it works for you, let me know, and I'll post it as
an answer:
http://www.lawcommerce.com/forms/detail.asp?05
General Partnership Agreement - Real Estate Investment
This form is illustrative of a partnership organized for the purpose
of holding real estate for investment. This arrangement is common with
family members, business partners, and other groups of investors who
have common investment interests.
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