My fiancé and I each own a property, mine is a house hack, hers is a rental. We have people who we would like to/ need to ($) partner with on next deal. Do we need the llc in place in order to do that successfully?
Also any recommendations on how to go about it, we are in greater Houston area (southwest).
What is more important is to define your future partnership: who brings what to the table, who is responsible for what etc. Very often, the best setup is not to bring a partner but to bring a lender. The difference is that a partner shares both profits and losses, and there is (in theory) no limit as to how much it ends up to be. A lender always gets paid, but he usually gets paid a fixed amount.
Once your business plan is defined, then you might need an LLC for regulating your relationship with your partners and for legal protection. And, if so, it needs to be done before you start working together.
Warning: partnering with someone you just met at an event is dangerous because many of these people are incompetent or dishonest or both. Partnering with people you know well, especially family, is dangerous because you may ruin your relationship if something goes wrong with the business.
Also, don't miss this great free event on Thursday Dec 5th - one of the many upcoming local socials:
i understand and thank you.