QUESTION
Should my brother and I form a partnership agreement?
Asked on Jul 02nd, 2012 on Contracts - Florida
More details to this question:
My brother and I purchased two houses at a fifty fifty purchase. We fixed one up and it did not sell for a profit. so Its rented until theres a profit. the other is fixed up and for sale. if theres no profit, it will rent. the first house is 50% in my name and 50% in his girl friends name transfered from his name with quick claim deeds .. The second is in my name and he wants a quick claim for his fifty % which I haven''t done..
1 ANSWER
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Doland & Fraade
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I am not licensed in your state. A written partnership agreement is essential for avoiding future disagreements and ambiguities in the relationship. A lawyer who has done dozens will have a better sense of where and when things go wrong, but your can try to make a list of different worst case scenarios and try to decide what will happen. A comprehensive prartnership agreement mght include buy-sell provisions in addition to management provisions, duty and breach provisions among others.The services of a good CPA would only benefit your enterprise.
Answered on Jul 18th, 2012 at 3:45 PM