All Forum Posts by: William Pieper

My business partner and I have an LLC in Missouri. We currently have four rental units and have completed one flip. We expect to have ~$200,000 in revenue this year and ~$60,000 in profit. We are weighing the pros and cons (including legal implications) of purchasing a home under the LLC, both of us rooming there, and writing the cost of the property off as a loss. The intention would be to pay zero or little "rent" to the LLC. What are the potential legal issues with doing this?

Hello, my name is Will and I need some advice on a long-term partnership. My business partner and I started a company late last year and have purchased 3 homes (2 buy and hold, 1 flip) so far. We started off both investing similar amounts of money. Because of this our ownership system is based off of how much money we have invested. For example if we both have $50,000 in, its 50/50; if one person has $60,000 and the other $40,000, 60/40. This has worked well but now we are running into a problem. I am able to save more than my partner and generate capital at a rate that he is unable to match. We want to keep it mutually beneficial, and have set an ownership cap at 60% ownership of the company. What is a good way for me to continue to invest in our business, without being unable to profit from additional money I would like to invest? We try to keep the footwork around 50/50 and our business pays us as 1099 contractors individually when there is a task we deem necessary to monetize. Has anyone else run into this problem? If so, what did you do? Thanks in advance for any help!