Updated over 9 years ago on .
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Partnership Structure - California
Hello!
I'm working with a family member and a couple friends to purchase several buy and hold properties in San Diego. We will be putting 20-50% down and will be getting traditional bank loans for the rest. Cash flow is expected to be small but meaningful.
What should we be doing from a legal structure standpoint?
- Easier to create LLC (cost in CA!) or just hold title as a whole? Or hold title myself and create a contract with all the partners seperately?
- Do I need to generate tax documents as the end of the year?
Thanks for the help everyone!
Brandon
Most Popular Reply
Unfortunately an umbrella policy is not enough of a layer of protection. It only pays out once all other assets have been liquidated. I thought the same, and luckily found out the truth before I had a problem. I would recommend getting a consult from and asset protection company. I know there are a few in Nevada. If you would like to know who I have used I would be happy to share that.