Syndication contract - help

[Charlotte Dunford]

For a syndicator, when you go under contract, do you sign on the contract with your own name? Or the LLC you and your LP's will form? What I want to know is that would my LP need to involved in the contract phase at all?

Thanks so much all!

[Account Closed]

It sound like you have no experience with being a General Partner.

To do a limited partnership I you must have an attorney and there are many laws you have to abide by. There are many laws that protect the limited partner you are not probably aware of and you can get into some serious legal problems. What could possibly happen when you do not abide by the laws and give your partner the legal forms is if your partner wants out of the deal, for any reason, and you can expect that your partner will want out, if your partner sues you then you will not get any type of trial where you can speak on your own behalf nor will you get any relief from the court. The judge will rescind your partnership agreement, give judgement if favor of your partner and you will pay every penny back plus court costs and damages.

I've been involved with several syndicated partnerships where I was the limited partner and every partnership failed to produce the results projected. I was in very large partnerships with K-Mart shopping centers and even those failed miserably.

When you are dealing with other people's money you have serious obligations and you had better be really good at bookkeeping, handling income taxes, and reporting to your partner(s).