Anyone have a partnership?
I have an LLC and will be possibly partnering up with a friend of mine who has one as well. We are interested in purchasing land and starting a RV/Boat storage business in Northern AZ. (We both live in AZ)
1. I will be putting up money for the down payment and securing financing because my partner has changed career fields in the last year and may have trouble qualifying for a loan on paper. My partner will be able to be on site while improvements are being done to the property (fence, well, septic etc).
Questions I have:
1. Would you consider this a 50/50 split on proceeds since I am putting up the $ and he is doing the rest to get us up and running?
2. Do we open up a new account in both our names for income & expenses?
3. How are taxes handled in a partnership arrangement like this?