admin · Denver, CO · Member since 2013 · 18 posts · 2 votes
Hi,
Should I create my own business entity when I' trying to partner with another wholesaling? Where should I find the information on legal subject on this forum.
If you can provide more information it would help people answer your question. Who will this partnership operate? How will you split proceeds? Are you both going to also operate outside the partnership, or will all deals from both of you flow through the partnership?
Nolo Books offer legal self help books. I recommend them highly. I have two books they put out regarding LLCs and they also have books about corporations.
I don't neccessarily recommend you do it yourself when it comes to legal work but these books will hep yo understand the concepts when you work with an attorney. Good luck - Ned
James Vermillion. I've contributed my list and postcard advertising money under my name and phone number thru her business. We both agreed to split half and half if I bring deals, call, get information from sellers, and she will finish the part that I could not perform until a deal close. She has her own business and she could operate out site this agreement. Gererally, I just offer my works toward the deal ( if any) to exchange for experiences, and we we can terminate it any time. Should the general contract is worked for this?
You definitely need an AGREEMENT/CONTRACT in place with her that defines the roles & requirements of each party and how proceeds will be divided. I'm not an attorney, but it seems like that can just be an agreement with you as an individual.
There are probably some good reasons for an LLC at some point, but not sure you need it in regard to this partnership....
Dev Horn. Really appreciate your input. That's what I looking forward to. In the long run, I would definitely create my own LLC when I have familiar with the process.
Thanks again!