Partnership with my son
I am looking to partner with my son who already owns 9 rental homes with another partner. What is the best way to set up a new legal partnership with just us going forward or how do we legally add me to his current LLC so that it's 100 percent our own partnership?
@Don Hudnall welcome to BiggerPockets. You will find it to be a wealth of great information, for free.
It may be possible to do in your son's existing LLC by amending the operating agreement, assuming his current partner agrees. You could say that (named properties) will have the profits split in accordance with the previous agreed terms, and that moving forward, the agreed terms are ....
Thank you! We were hoping this may be the best approach to creating a new agreement.
Good Luck with your venture. I am looking for the same opportunity in the Frisco, Colony, Little Elm and Plano Tx areas.
I personally would create a new LLC so there is never any questions but I am very conservative in that regard. Definitely talk to. Lawyer in your area.
What is the benefit of not forming a new LLC?