Forming LLC for private money partners
I want to form an LLC with two private investors. I'll run the project and they'll pitch in various amounts of money. Once we get an accepted offer, then we'd just create an LLC just for the property we're working on.
Any tips on how to form an LLC for one flip in Massachusetts or to facilitate this?
Pitfalls to watch out for?
Strategies?
Cost of creation?
Most Popular Reply
David, I'm sorry, I'm not willing to share operating agreements for my companies, because they were designed specifically for the needs of those companies and members. I give my attorney the bullet points of what we have decided, and he drafts the agreement accordingly.
I'm also not giving away something that he charges for. If you wrote software for a living, you wouldn't like it if someone hacked it and gave it away to competitors for free. Attorneys are a very important part of my business team, and finding a good one takes time, trial, and error. Sorry.