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Updated over 7 years ago on . Most recent reply

Prince Sanders's profile image
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Prince Sanders
  • from Meridian, Mississippi
  • Member since Mar 2, 2016

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Prince Sanders
  • from Meridian, Mississippi
  • Member since Mar 2, 2016
Prince Sanders
  • Meridian, MS
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Real Estate Deal Analysis & Advice

Partnering with another person

Prince Sanders
  • Meridian, MS
Posted
Hey BP, Quick question. How does a contract work when you partner with someone. Like when they bring cash or credit to the deal. Is it a whole different contract? Is is put in the purchase agreement?
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Daniel Hyman's profile image
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Daniel Hyman
  • CPA
  • from Milwaukee, WI
  • Member since Aug 16, 2016

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Daniel Hyman
  • CPA
  • from Milwaukee, WI
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Daniel Hyman
  • CPA
  • Milwaukee, WI
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Daniel Hyman
  • CPA
  • Milwaukee, WI
Replied

@Prince Sanders

There are all types of creative ways of structuring a partnership. Often (but not always) KISS is the best structure. It's highly recommended to consult with an attorney in order to to get an operating agreement. Items such as contributions, ownership percentages, decision making, dispute resolution, distributions, and dissolution should all be covered in an OA.

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