Any good books any of you guys suggest me to read to really get a good understanding on forming LLC. and forming partnerships.My partner and I have a park under contract and we are looking to form an llc to put the park under. any help would be greatly appreciated.
thanks guys
-which state are you in? If Texas, I can refer you to my attorney who is very affordable. You can get just the operating agreement from her, and then establish the LLC yourself using your state’s website. Honestly, it’s not worth your time to get the book, read it, then draft your own operating agreement.
-conversely, you can also google your state and sample llc operating agreement and see what comes up. If it is in .pdf, you can have someone on www.upwork.com convert it to word for $5 or less.
A service such as legalzoom.com will be a lot cheaper than an attorney. If you have a complex partnership agreement though it’s probably worthwhile to hire an attorney.
The operating agreement is the one thing you should not cheap out on, especially with a 50/50 arrangement. These are notorious for disputes and messes that are not easily resolved and end up in court and 3rd party arbitration type scenarios.
Get an attorney to walk you through everything on this. Seriously.
And also get their steer on your land contract versus a regular mortgage. I would take the latter if there was an option.