Operating agreement for 50/50 partners?

3 Replies

Hey BP, I was curious if anyone had a very basic operating agreement that they use in the case of two partners with basically a 50/50 split of cashflow, equity and everything else. I’m just looking for something that outlines how repairs are handled if over the reserve budget, where the funds are kept, what would happen if one partner wanted out etc. Thank you! Kellen

@Kellen Driscoll I would use rocket lawyer, just type in joint venture agreement. Then copy and paste it once you’ve filled out their questions. Hen you can adjust as needed to lay out the money portion of it. I would give you mine but they are used for California and Ohio. Each state has different contract laws so you have to use one that is legal in your state. 

@Kellen Driscoll Call a few local attorneys and ask how much they charge. It may not end up costing as much as you think and it can save you pain later. If you are 50/50 in everything, how will you handle if there is a disagreement?

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