Forming a partnership

[Aron Koth]

When buying with an investors money, should you form a joint LLC? And what bank is the best for such LLCs? Also, do you need all partners to open together a bank account?

[Jason Marino]

Hi Aron,

There are multiple ways to go about this. The ways that I have seen most often are to form a jointly owned LLC that includes partnership language in the Operating Agreement or to create a Joint Venture Agreement between the partners. The first option will address internal disputes and asset protection together. The second course of action will provide governance of internal disputes, but will not provide any asset protection unless the partners enter into the agreement using limited liability vehicles.