Guidance needed on how to set up a partnership contract
Hello BP Community! I live in California and I'm exploring a partnership with someone that lives in a different state (Illinois). Together, we are targeting commercial properties in Tennessee and we are wondering if we need to work with a lawyer in the state that we are investing in to help us draft a partnership contract or if we can work with lawyers in our respective home states.
Any guidance and/or referrals will be greatly appreciated.
Thanks!
My business partner and I live in WA and WI respectively, you can call a local lawyer in either of your states to establish your partnership/LLC in one or the other, the person in that state will just have to be the "Registered Agent" of the LLC and have their home or office established as the "Principal place of business" - you can also ask the lawyer you establish the LLC through, to put their office as the "Registered Agent".
While working with them, I'd just ask if there are any limitations on where you can potentially purchase properties - to date, we have LLCs established in both states with properties purchased through them outside of the two primary states. This is what has worked for me, although is certainly not legal advice, as I'm not a lawyer, just my experience!
Hope it helps!
@Account Closed I am in a very similar situation and seeking legal help to set up the partnership. Are you happy with your attorney and if so, may I have this person's contact information?
Hi @Account Closed, our investor-oriented brokerage has been based out of Chattanooga, TN for over 30 years and recently opened an office in Nashville to meet client demand. Excited to hear that you all are considering Tennessee as your emphasis on investment, and I would love to connect to learn more about what you and your partner are looking for.